A £200m loan facility offered to Rover has been declined by the company, according to the UK's `Times` newspaper (13/7/00). The Phoenix consortium told Burdale Financial, the asset-based lending division of First Union Bank of Carolina, that it does not need the money as yet. Quoting a spokesman for Rover, the `Times` reports that Rover is debt free and has sufficient cash. The company does not need to borrow nor pay the interest, says the article.