Porsche announced today that it has secured a 10 billion Euro credit line. The credit framework contract lets Porsche extend the amount to 12.5 billion Euros in the following weeks. Porsche's new credit line is 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 and DZ-Bank.
According to the contract, Porsche will receive 2 tranches of 12 months and will have the right to extend one of the tranches of 6.7 billion Euros for one more year.
Porsche intends to pay down the smaller tranche fast and aims for credit ratings the results of which should be available in may 2009.
