Volvo Car AB (publ) has signed a new 2-year SEK 10666m revolving credit facility with a 1-year extension option with a group of Nordic banks (DNB, Nordea, SEB and Swedbank (coordinator)) as well as a new 2-year SEK 4000m credit facility with a 1-year extension option with the Swedish Export Credit Corporation (SEK). Both facilities are partly guaranteed by the Swedish Export Credit Agency (EKN) as they utilize the new working capital credit guarantee set up as a response to the Covid-19 pandemic.
The new revolving credit facility is in addition to the company’s undrawn EUR 1300m facility signed in 2017 and maturing in 2022. The new SEK 4000m credit facility refinances the existing SEK 1500m facility, maturing in 2020, with the Swedish Export Credit Corporation.
With the two new credit facilities Volvo Cars has further strengthened its liquidity buffer.
SOURCE: Volvo Cars