Saab Receives Funding Commitment From North Street Capital
ZEEWOLDE, THE NETHERLANDS – Saab has received a funding commitment from North Street Capital, LP for a purchase of company shares and a $60 million loan.
ZEEWOLDE, THE NETHERLANDS – Saab has received a funding commitment from North Street Capital, LP. The Swedish automaker intends to accept this offer because, in a news release, company stated it doubts it will receive bridge funding from Chinese companies Youngman and Pang Da. Saab said the immediate availability of funding is necessary in order to continue the reorganization process.
The offer consists of 2,386,635 ordinary shares in the capital of Swan at a price of $4.19 (USD) per share to fund the working capital of Swan, Saab Automobile, and Saab Great Britain Ltd.
The offer also provides a $60 million (USD) loan to be collateralized by a first lien on certain assets of Saab Automobile as well as a second lien on the collateral as pledged to NDO. Saab and North Street Capital intend to finalize the documentation for the loan by Monday, Oct. 24. Funding is set to arrive within two days of that date.
Update: The head of the Saab reorganization process in Sweden said he wants to terminate the process and plans to file this request with the Swedish court. You can read about this development here.
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