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Daimler signs new $12 bln credit facility
September 26, 2013 / 4:46 PM / 4 years ago

Daimler signs new $12 bln credit facility

FRANKFURT, Sept 26 (Reuters) - German carmaker Daimler said it has signed a 9 billion euro ($12.13 billion) credit facility, taking advantage of favourable market conditions to replace an existing, smaller loan.

The facility will run for five years and has two extension options, Daimler said in a statement on Thursday.

The carmaker does not intend to use the credit line. Once it has been signed, Daimler will prematurely end an existing syndicated credit line of around 7 billion euros.

“We decided to renew the existing credit line at this early stage primarily due to the favourable market conditions, and have thus gained a sound liquidity cushion for the longer term,” finance chief Bodo Uebber said. ($1 = 0.7418 euros) (Reporting by Victoria Bryan; editing by David Evans)

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