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The biggest corporate scandal in the German company's 78-year history has forced out its long-time CEO, wiped billions of euros off its market value and hammered its bonds, making it much more expensive for the company to borrow through its traditionally-preferred route of the debt market. VW secured the 20 billion euro bridging loan from 13 banks this week and is planning to refinance it by issuing bonds over the next couple of months, the sources said. Under the terms, VW assured the lenders it would sell or list assets worth up to significantly more than 20 billion euros if it fails to find other sources of money, the people said. Volkswagen declined to comment. "No specific assets have been discussed," one of the people said, while another person said a potential emergency rights issue was also an option. Investment bankers are pitching ideas to Volkswagen on potential ways to raise money, though decisions are unlikely before more clarity on the scope of penalty payments and recall costs have emerged, the people said. Listings of divisions such as Audi, Porsche or its truck business - which is being carved out now - seem unlikely, but the non-truck parts of VW's MAN
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VW agrees terms of 20B euro bridge loan: Sources
diesel emissions tests and to falsifying carbon dioxide emissions. The biggest corporate scandal in the German company's 78 year history has forced out its long-time CEO, wiped billions of euros off its stock market value and hammered its bonds - making it much more expensive for the company to borrow money through its traditionally preferred route of the debt market. The sources said Volkswagen (VW) hoped its bonds would have returned to more normal levels by next spring, allowing it to issue debt and repay the bridging loan. The loan and subsequent bond placements will likely cost VW about 150 million euros in coupon payments and fees, one of the sources said, adding to the company's financial burden as a result of the scandal. More than two months after VW's cheating became public, the company is still trying to identify those responsible and organise refits for around 11 million vehicles worldwide.
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