29/10/2020

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Volvo Cars secures new credit facilities | Automotive Industry News

1 min read

Geely-owned Volvo Vehicle has signed a new two-12 months SEK ten,666m revolving credit score facility with a one-12 months extension alternative with a team of Nordic financial institutions (DNB, Nordea, SEB and Swedbank (coordinator)) as effectively as a new two-12 months SEK4,000m credit score facility with a one-12 months extension alternative with the Swedish Export Credit Corporation (SEK).

The two facilities are partly guaranteed by the Swedish Export Credit Company (EKN) as they use the new doing the job funds credit score guarantee established up as a reaction to the Covid-19 pandemic.

The new revolving credit score facility is in addition to the firm’s undrawn EUR1,300m facility signed in 2017 and maturing in 2022. The new SEK4,000m credit score facility refinances the current SEK1,500m facility, maturing in 2020, with the Swedish Export Credit Corporation.

With the two new credit score facilities Volvo Autos states it has more strengthened its liquidity buffer.

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