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Volvo Car Group signs $800M loan agreement with China Development Bank

Volvo Car Group and China Development Bank have signed a US$800 million loan agreement with a maturity in 2021. This loan will support Volvo Car Group in further developing its product program as well as strengthening the capital structure over the coming years.

The first drawdown under the loan agreement will take place in 2013, with further drawdowns planned during 2014 and early 2015. The amortization structure and terms of this loan agreement are equal to the loan agreement of €922 million (US$1.246 billion) that Volvo Car Group and China Development Bank signed in 2012.

Volvo Car Group (Volvo Cars) has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010.

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