Deadline looms for ‘Project Embarrassment’
Porsche has asked its banks to commit to an Eu8.5bn refinancing facility by Tuesday (November 10), as it seeks to reduce its existing Eu10.75bn loan as part of its integration into the Volkswagen group.
Citi, Deutsche Bank and UBS are co-ordinating the deal and will only target the sports carmaker’s existing lenders, which are expected to reduce their commitments pro-rata. After holding a bank meeting with the co-ordinators last Friday (November 30) Porsche wants the new deal agreed, though not necessarily closed,
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