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.
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