Porsche races on with hours left to sign refi

Porsche has secured only Eu8.55bn in commitments to refinance a Eu10bn revolver which falls due today (Tuesday), with the shortfall attributed by bankers away from the facility to the last minute withdrawal of one lender. Bankers said Porsche needs to repay the deal on time to avoid a technical default, and speculated the refinancing would be completed tonight. A source close to the borrower said, however, that a deal might not be signed until tomorrow.

  • 24 Mar 2009

“Negotiations are ongoing. I’m not sure if we will have a result today,” he said. “It’s not a question of it either happening today or never.” He added that Porsche did not expect to have to make up for any shortfall with its cash reserves.

Although it was still ...

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1 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

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2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%