Volkswagen employees check cars at the VW plant in Wolfsburg, central Germany.
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Volkswagen has agreed the terms of a 20 billion euro ($21 billion) bridging loan with banks to help shoulder the costs of its emissions scandal, three people familiar with the matter told Reuters Wednesday.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.However, labor boss Bernd Osterloh said Wednesday even temporary jobs at the company's Wolfsburg plant, where VW last year built 836,000 cars, would be safe in the first quarter of 2016 .Thirteen banks have each offered to lend VW either 1.5 billion euros or 2.5 billion euros, or a total of 29 billion euros, two of the sources told Reuters, declining to be identified because the matter is confidential.VW has said it plans to issue 12 billion euros in bonds when its conditions for issuing debt improve.VW's 1.25-billion-euro, 3.25 percent bond due January 2019, which traded at 40 basis points over the benchmark before the scandal, is currently trading at around 138 basis points.
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