Porsche Automobil Holding has secured a new credit facility of EUR10bn to redeem a credit of the same size.

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.