July 24, 2018 / 8:00 AM / a year ago

Daimler secures 11 billion euro credit line

The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke

FRANKFURT (Reuters) - German car and truck maker Daimler (DAIGn.DE) on Tuesday said it had secured a new 11 billion euro (£9.8 billion) syndicated credit line with a group of 40 banks to replace an existing loan.

The credit line has a term of five years with two extension options, providing the company with financial flexibility until 2025, Daimler said.

Daimler said it does not plan to use the credit line but that it provides financial flexibility.

“We have made optimal use of the favourable conditions in a volatile environment and have created a long-term liquidity buffer with the early renewal of the existing credit line,” Daimler Chief Financial Officer Bodo Uebber said in a statement.

Daimler said the credit line replaces an existing 9 billion euro syndicated credit line ahead of schedule and the new loan carries more favourable terms.

Reporting by Edward Taylor and Ilona Wissenbach; Editing by Christian Kraemer and Kirsten Donovan

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