Volkswagen Credit closed a $9 billion credit facility with a consortium of 11 banks. J.P. Morgan served as sole structuring agent and lead arranger, according to Reuters.

The new facility is an asset backed loan that the company has established to support the growth of its U.S. portfolio. It will be secured by both lease and loan assets and will be used for general corporate purposes.

VW Credit is the financial services arm of Volkswagen AG’s U.S. unit, Volkswagen Group of America.