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Daimler: signs 12 billion euro loan deal

( - German auto giant Daimler has signed a 12 billion euro loan deal, amidst the recent string of fund raising by large car makers.

The loan facility agreement adds to an existing 11 billion euros revolving credit facility maturing in 2025, including extension options, the Stuttgart-based group said.

These additional funds may be used within a 12-month period with two extension options of six months, Daimler said.

The move comes as several other car makers, such as GM and FCA, recently inked similar deals with international banks.

Daimler's loan facility has been agreed with BNP Paribas, Banco Santander, Deutsche Bank and JPMorgan.

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