Volvo Car Group (Volvo Cars) has signed a €660 million revolving credit facility with a group of leading global and regional banks, underlining growing global confidence in the Swedish car company's financial and operational transformation.
The €660 million revolving credit facility extends an existing €360 million revolving credit facility signed early in 2013. It will serve as a back-up facility for general corporate purposes and has a tenor of three years with two extension options of one year each. The new credit facility broadens the group of banks working with Volvo Cars. DNB and Swedbank acted as coordinators and the existing group of six banks has been extended to 12 participating banks. The banks within the group are well diversified and will form the core relationship bank group for Volvo Cars globally.