[Stay on top of transportation news: Get TTNews in your inbox.]
Daimler AG announced it extended its credit line and increased its financial flexibility with a $12.94 billion loan. This is in addition to a separate $11.87 billion in revolving credit with a term until 2025 including extension options.
The new loan can be used within a 12-month period and has options for two extensions of six months, according to the Stuttgart, Germany-based company. Daimler Trucks North America’s commercial vehicle brands include Freightliner and Western Star.
The four lenders on the latest loan, which agreed to it April 1, are BNP, Banco Santander, Deutsche Bank and JPMorgan.
At the end of 2019, Daimler had gross liquidity of $25.89 billion in its industrial business.
Daimler also demonstrated its access to the eurobond market the same week with the successful issue of a $1.62 billion, five-year benchmark bond. — Transport Topics
Want more news? Listen to today's daily briefing: