Volkswagen Unveils €5B Loan Refi

Volkswagen has launched a €5 billion loan refinancing, Reuters reports. The new revolving credit facility will refinance an existing €7.8 billion credit line that is scheduled to mature in June 2012.

The new loan carries a five-year maturity with two one-year extension options. The financing is being coordinated by Citi and Commerzbank,while relationship banks have been invited to join the financing.

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