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Daimler secures $13 billion loan facility

Reuters
·1-min read

FRANKFURT (Reuters) - Daimler <DAIGn.DE> said on Thursday it has signed an agreement for a 12 billion euro ($13 billion) credit line to increase its financial flexibility in the current coronavirus crisis.

The credit line comes in addition to an 11 billion euro revolving credit with a term until 2025, including extension options.

The new loan facility can be utilized within a 12-month period with two extension options of six months, Daimler said, adding the line was agreed with BNP <BNPP.PA>, Banco Santander <SAN.MC>, Deutsche Bank <DBKGn.DE> and JP Morgan <JPM.N> on April 1. Syndication has started.

(Reporting by Christoph Steitz; Editing by Susan Fenton)