LONDON, Feb 18 (LPC) - DaimlerChrysler AG is refinancing loans totalling $13 billion in the largest European syndicated loan of the year to date, banking sources said on Tuesday.
The company will mandate the $13 billion loan package for DaimlerChrysler's European and U.S. operations to a group of six banks later this week, senior bankers said.
Deutsche Bank, J.P. Morgan, ABN AMRO, Citigroup, Commerzbank and HSBC are expected to arrange the deal, which will consist of a $6 billion, one-year tranche, and a $7 billion, five-year tranche.
Both tranches will be syndicated in Europe and the U.S. to relationship banks of the two borrowing entities - Daimler Chrysler AG and Daimler Chrysler North American Holdings.