Press Release
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march 27, 2024 - Daimler Truck
Daimler Truck secures tailor-made credit line
- New revolving credit line of €5 billion signed
- Early repayment of the previous syndicated loan
- BNP Paribas, Deutsche Bank and LBBW as coordinating banks
Daimler Truck AG has signed a new revolving credit line worth €5 billion. The company is taking advantage of the currently attractive conditions on the credit market and is replacing the syndicated credit line that has existed since the spin-off in the same amount before it reaches maturity. The goals of the new syndicated credit line are to increase financial flexibility and secure long-term liquidity as well as to hedge the first-class credit rating. Daimler Truck received investment grade ratings from the rating agencies S&P Global Ratings and Moody's after the spin-off (S&P Global Rating: BBB+, outlook positive; Moody's: A3, outlook stable).
Besides BNP Paribas, Deutsche Bank and LBBW, who played a coordinating role in the negotiations, a further 26 national and international banks are involved. The duration of the new credit line is five years, with the option to extend it twice for an additional year each time. The credit line also includes the option to increase the loan volume by further €1.5 billion during the duration at the discretion of the lending banks.
In addition to more attractive conditions, Daimler Truck took the opportunity to restructure its strategic banking relationships around two years after the spin-off from the former Daimler AG. “We are striving for a partnership-based business relationship on an equal footing with all participating banks and are pleased that these banks will continue to support the growth of Daimler Truck in the following years,” comments Claus Bässler, Head of Treasury and Tax at Daimler Truck, on the successful completion of the syndicated credit line. A drawdown under the credit facility is not planned.
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