Citi, together with a syndicate of international banks, completed a £625 million ($692 million) term loan facility with Jaguar Land Rover Automotive.

The facility is backed by a £500 million guarantee from UK Export Finance under its new General Export Facility program.

The loan will amortize over five years and support Jaguar Land Rover’s business as the largest automotive exporter in the UK, including investment in the research and development of next generation electric vehicles and future mobility solutions.

“We are pleased to have been able to support Jaguar Land Rover in successfully concluding this first of its kind UKEF General Export Facility,” said Alex Taylor, EMEA head of Export and Agency Finance, Treasury and Trade Solutions, Citi.

Citi acted as coordinator and facility agent. Barclays Bank, Citi, HSBC Bank, JPMorgan, National Westminster Bank and Standard Chartered Bank served as mandated lead arrangers and lenders.