VW, banks agree terms of $20B bridge loan

Megan Barreto
Updated

FRANKFURT, Dec 2 (Reuters) - Volkswagen has reached an agreement with banks on the terms of a planned 20 billion-euro ($21.22 billion) bridge loan to help it shoulder the costs of its emissions scandal, three people familiar with the matter said.

Thirteen banks are offering credit portions of either 1.5 billion euros or 2.5 billion euros each, or a total of 29 billion euros, two of the people told Reuters, declining to be named because the matter is confidential.

One of the people said credit portions will be assigned to banks on Friday. Another person said that would happen in the coming days, without being more specific.

A spokesman for Wolfsburg, Germany-based VW declined comment.

($1 = 0.9423 euros) (Reporting by Arno Schuetze; Additional reporting by Andreas Cremer; Editing by Maria Sheahan)

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