Edeka, Germany's largest retailer, is reportedly looking to secure some EUR1bn in loans to refinance debt.

A consortium of banks, including Commerzbank and Deutsche Bank are arranging the financing, according to the Bloomberg news agency.

The borrowing will comprise a EUR700m loan and a EUR300m credit line, the report claimed. It will replace EUR1.3bn of debt maturing in August, and refinance loans the Edeka had privately with individual banks.

A spokesman for Edeka declined to comment on the report when contacted by just-food today (2 December).

In 2008, Edeka generated EBIT of EUR1.19bn - an increase of 2.1% on 2007 - and food retail sales of EUR32bn, which represented a rise of 4.9%.

Edeka's total turnover rose by 2.3% to EUR36.6bn.