EIB approves $545 million loan to Saab

Posted: Feb 12, 2010
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The EIB today approved a loan to Saab for €400 million ($545 million USD), Spyker said today.

“The EIB has confirmed the authorisation to conclude the EUR 400 million loan to SAAB Automobile AB in accordance with the terms and conditions approved by the Board of Directors on 21 October 2009 and to conclude the guarantee agreement with the Swedish National Debt Office, as the loan is subject to a state guarantee which the Swedish Government approved on 26 January 2010,” EIB said in a statement. “The EU Commission approved the Swedish state-guarantee for the Bank’s loan to SAAB on 8 February 2010.”

“We are extremely pleased with the decision by the EIB as this was a crucial component in enabling the acquisition of Saab to proceed. Months of hard work have paid off, said Victor Muller, Spyker’s CEO. “We cannot wait to close this transaction now as soon as practically possible. We extend our gratitude to the EIB officials who have worked relentlessly to make this happen.”

Earlier this week Spyker said that it has entered into a $25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

- By: Omar Rana


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  • Property Investing

    Hopefully, the loan will be put to good use by the company and it will serve as the leverage to help them get back to fruitful business, as they were.