EU clears Swedish state guarantee for Saab, Spyker secures $25 million investment

Spyker Cars NV announced today that it has entered into a $25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

“The USD 25 million loan has a 2 year term, an interest of Euribor + 10% and is convertible into shares at EUR 4 each,” Spyker said in a statement. “This loan secures the funding necessary to close the Saab transaction as the first $25 million has already been paid to GM on January 26, 2010. The convertible loan is conditional on Saab receiving the EIB loan.”

Spyker said it will pay GM another $24 million on July 15, the final payment for Saab.

Earlier this morning, Saab won EU regulatory approval on Monday for a state guarantee of a 400 million euros ($546 million) European Investment Bank loan.

“We are delighted that Heerema has decided to become an investor in our company,” said Spyker CEO Victor Muller. “I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board”.

– By: Stephen Calogera