Daimler gears up on cash as companies hurry new lines of credit

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By Jon Hay, Silas Brown
02 Apr 2020

Daimler has signed a €12bn one year loan with four banks, to strengthen its cash position for the pandemic’s stormier days. It joins a host of borrowers agreeing new credit lines with relationship banks, rather than drawing down existing facilities. Bankers say the borrowers hope to enter the bond markets down the line.

The banks in Daimler’s initial €12bn syndicate are BNP Paribas, Deutsche Bank, Santander and JP Morgan, although the deal is now being fully syndicated. The one year loan has two extension options of six months attached to it.

Daimler is not alone in looking for new bank ...

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