SWEDEN: Volvo Cars signs two loan agreements
Volvo Car Group (Volvo Cars) has signed two loan agreements with financial partners.
The first agreement is an unsecured working capital back-up facility of EUR240m (US$321.98m) with a maturity of three years. Swedish bank Nordea and ING Belgium have acted as coordinators for the facility, with Norwegian bank DNB and Swedbank of Sweden as additional participating banks. This transaction is important for Volvo Cars in order to develop its core relationship bank group.
In addition, Volvo Cars has entered into an unsecured loan agreement with Swedish Export Credit Corporation of SEK1bn. This facility is for general corporate purposes and has a maturity of three years. The state-owned Swedish Export Credit Corporation provides customised financial solutions to the Swedish export industry.
Volvo Cars is undergoing a turnaround plan to get it to profitability under its Chinese owner, Geely. It is currently engaged on an intensive round of restructuring and cost-cutting.
This QUBE report from just-auto report provides a comprehensive overview of the global electric vehicles and OE starter battery sector, major suppliers, top 14 markets, technology trends and market si...
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
Volvo Cars saw global sales rise 14% in July to 33,650 compared to the same month last year on the back of strong growth in China and a healthy performance in Europe....
General Motors has hired former Volvo CEO Stefan Jacoby to head up international operations. He replaces Tim Lee, who will take up the position of chairman, GM China....
The long awaited free trade agreement between Colombia and Europe will start on 1 August with the first group of measures....
Sales growth of 34% in the first half of this year has catapulted Suzuki into the UK top 20, ahead of Volvo and Mazda and nibbling at the heels of Renault....
Technology company, Torotrak, says it expects to acquire the remaining 80% of flywheel innovator, Flybrid, in November or December this year....
- What does 'Brexit' mean for the auto sector?
- Toyota finally makes an economical Prius
- Active suspension systems - briefing
- And so Brexit begins - The Week That Was
- VW's amazing new 1.0-litre Golf engine - Analysis
- Fuel economy scandal pushes MMC deep into red
- Goodwood FoS world premieres - the list (updated)
- Kuga expands posh Ford Vignale line in Europe
- Rumbles of discontent at Volkswagen AGM
- Ex-VW CEO Winterkorn under investigation