Deals
Geely Signs €2.4 Billion Loan to Refinance Volvo Truck Deal
- Over 20 lenders joined the facility when it was syndicated
- Automaker seeks to ramp up efforts to compete in EV space
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Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group Co. has obtained a syndicated loan to refinance borrowings related to its 2018 acquisition of a stake in Volvo AB, according to people familiar with the matter.
The €2.4 billion ($2.5 billion) three-year facility was signed on Feb. 25, the people said, who asked not to be identified discussing private matters. BNP Paribas SA, HSBC Holding Plc and Standard Chartered Plc were among the mandated lead arrangers and bookrunners of the deal, which drew over 20 lenders when it was syndicated to the broader market, the people added.