Right before Volkswagen AG’s and Porsche’s respective board meetings to discuss the companies’ merger, Porsche Automobil Holding SE’s banks have agreed to provide an 8.5 billion euro ($12.74 billion) syndicated loan, according to banking sources. Continued after the jump!

A senior banker familiar with the deal said that all of Porsche’s banks rolled their commitments into the new loan, which refinances an earlier 10.8 billion euro loan.

The source said that the loan documents would still have to be finalized but all the commitments are already in place, which he considers to be a “great result.”

Porsche had given its banks a tight deadline of a few days to agree the loan ahead of the companies’ board meetings.

[via autonews]

Tags: car news, Porsche, porsche bank loan, porsche news

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