Volvo Car gets state backing in loan market

By Mike Turner
22 May 2020

Sweden’s Volvo Car, a car maker, has become the latest company under pressure from the coronavirus pandemic to sign a state-guaranteed loan, as bankers say that state support is essential to secure commercial bank loans for the worst affected sectors.

Volvo Car has signed a Skr10.666bn (€1bn) two year revolving credit facility. The revolver comes with a one year extension option.

Swedbank coordinated the deal and was joined by DNB, Nordea and SEB. Sweden’s state owned Export Credit Agency (EKN) has partly guaranteed the facility. 

This revolver will sit alongside ...

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