Porsche secures €10 billion credit line
Porsche announced today (25 March) that it had finalised negotiations to secure a new credit facility of €10 billion (£9bn) to redeem exising credit of the same size and has an option to extend it to €12.5 billion in the forthcoming weeks.
The supercar maker, reckoned to be among the most profitable in the world, said that in the wake of the extremely difficult global economic environment and the turbulences in the bond market, banks had needed additional assessment, and extra time to put the deal together. The new consortium includes banks that so far had not been counterparts of Porsche with respect to credit lines, it said.
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.
