Porsche Automobil Holding has secured a new credit facility of EUR10bn to redeem a credit of the same size.
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The latest credit framework contract allows Porsche to extend the volume to EUR12.5bn in coming weeks.
The credit line will be guaranteed by a consortium of 15 banks including Barclays Capital, Commerzbank, LBBW, Deutsche Bank, UBS, Credit Suisse, Santander, BayernLB, BNP Paribas, Calyon, UniCredit/HVB, Helaba, Intesa, WestLB und DZ-Bank.
Agreed at market conditions are two tranches of 12 months with the right of extending a tranche of EUR6.7bn for an additional year. Porsche intends to pay down the smaller tranche fast, it said.
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