Daimler AG is in talks with banks over arranging a new credit facility of at least 10 billion euros ($11 billion) to help it navigate the fallout from the coronavirus pandemic, people familiar with the matter told Bloomberg.
Daimler is seeking a credit line of 10 billion euros to 15 billion euros and an announcement on the final amount could come as early as next week, said the people, who asked not to be identified because deliberations are private. Talks with potential lenders are ongoing and the exact timing and structure of the deal could still change, they said.
The move is part of a range of measures to shore up the financial muscle of the maker of Mercedes-Benz cars and trucks during the coronavirus crisis, said the people.
Daimler declined to comment. It had signed an 11 billion-euro credit line two years ago with a group of international banks. This facility offered funding until 2025. The new credit facility would come on top of the existing one.