German conglomerate Evonik said on Wednesday it was seeking a €1.5 billion loan to replace a €2.25 billion loan maturing next March.

The deal was launched on April 23 and expected to close in June, the company told Reuters LPC, adding the financing was split into three €500 million  revolving credit facilities bearing two, three and five-year maturities.

Evonik said a large core of relationship banks had committed to the financing as mandated lead arrangers and bookrunners. A selected group of close relationship banks have been invited to join the transaction in general syndication, it said.

A banking source said the new loan was being co-ordinated by Deutsche Bank alongside 15 banks. The financing, which is being conducted at the operating company level, does not affect the €1.25 billion non-standard LBO financing arranged in 2008 that backed private equity firm CVC's acquisition of a minority stake in the business, a second banking source said, adding that financing still has three years to run.

In December, Evonik said it planned to split off its real estate and energy units over coming years to emerge as a specialty chemicals company.