Daimler AG Gets a 9 Billion Euros Credit Agreement
The credit line was apparently oversubscribed and offered significantly improved conditions compared to the existing syndicated credit line, which is worth 7 billion Euros and will be ended prematurely.
“We are delighted with the great interest in this credit line, which has now been confirmed by the significantly higher number of banks involved. It demonstrates the trust that the banks place in Daimler’s sustainably positive development,” stated Bodo Uebber, Member of the Board of Management of Daimler AG for Finance & Controlling. “We decided to renew the existing credit line at this early stage primarily due to the favorable market conditions, and have thus gained a sound liquidity cushion for the longer term,” continued Uebber.
The Germans don't plan on actually utilize the money they've received, since the credit is primarily intended to secure the company with financial flexibility until de year 2020.