Signed and Sealed: Volvo €660 Million Revolving Credit Facility
Volvo has signed a €660 million revolving credit facility with several leading global and regional banks, which extends an existing €360 million revolving credit facility signed in early 2013.
DNB and Swedbank acted as coordinators, and the original group of six banks has been extended to 12 participating banks, including BNP Paribas, Danske Bank, HSBC Bank, and Svenska Handelsbanken.
This Volvo €660 million revolving credit facility will serve as a backup facility for general corporate purposes with a tenor of three years with two extension options of one year each.
In addition to developing a strong and diversified core relationship bank group for Volvo Cars, the revolving credit highlights the growing global confidence in the Swedish manufacturer’s financial and operational evolution.
For example, the new S60 and V60 Polestar that have just begun shipping around the world serve as a great example of Volvo’s expanded efforts, both in design and production. And it’s already been getting plenty of great reviews.