Volkswagen offers credit facility to LeasePlan Volkswagen AG has provided a 1.5 billion credit facility to vehicle management and leasing company LeasePlan, available for immediate use
Volkswagen AG has provided a €1.5
billion credit facility to vehicle management and leasing company
LeasePlan, available for immediate use. The Volkswagen Group, which
owns a 50 percent stake in LeasePlan, made the facility available
through subsidiary Volkswagen International Payment Services.
The facility will be offered on a three year plan, and was
structured by both parties in conjunction with LeasePlan’s other 25
percent shareholders, Mubadala Development Company and the Olayan
Group.
LeasePlan has stated its intention to revert to usual debt
capital and financing status when markets return to health, and has
called the facility a temporary measure to offset current
conditions.
Ratings agency Moody’s is currently reviewing LeasePlan for a
possible ratings downgrade.
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