Daily News: March 8, 2018

BNP Paribas, China Citic Support Geely $3.8B Volvo Buy

Reuters reported that Chinese carmaker Geely is raising €3.1 billion ($3.8 billion) in loans to support its stake in Volvo trucks. Geely Sweden Holdings also owns Volvo Cars.

According to Reuters, lead arrangers BNP Paribas and China Citic Bank began syndicating the debt financing in mid-February, and banks looking to join are required to commit at least €300 million ($372 million) to the term loan and €200 million ($248 million) to the bridge.