VW Said to Sign 20 Billion-Euro Bridge Financing Deal on Friday
- Banks offered as much as 29 billion euros to German automaker
- Citigroup and UniCredit acting as lead banks in consortium
VW's Owners to Address Workers for First Time
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Volkswagen AG plans to sign a 20 billion-euro ($21.2 billion) bridge financing deal with about 13 banks on Friday to demonstrate that the German automaker has adequate liquidity to weather the emissions cheating scandal, according to people familiar with the matter.
The banks, led by Citigroup Inc. and UniCredit SpA, will each provide financing of either 1.5 billion euros or 2.5 billion euros, said the people, who asked not to be identified because the negotiations are confidential. The offer was oversubscribed and VW could have raised as much as 29 billion euros, they said. The loans could be turned into bonds for repayment at a later stage, according to the people.