HeidelbergCement, the debt-ridden German cement maker owned by the billionaire Merckle family, on Thursday bought itself some breathing space after it negotiated a €8.7bn ($12bn) credit lifeline from its banks.

In one of the biggest syndicated loan refinancings in Europe this year, a consortium of more than 50 international banks granted HeidelbergCement a new loan that will mature in 2½ years.