McLaren arranges $185 million financing facility amid coronavirus crisis

The Covid-19 pandemic has hit McLaren hard, with sales plunging during a factory shutdown.
By : Reuters
| Updated on: 30 Jun 2020, 01:45 PM
McLaren's 789-horsepower Senna model
McLaren's 789-horsepower Senna model
McLaren's 789-horsepower Senna model
McLaren's 789-horsepower Senna model

British supercar manufacturer McLaren Group, which includes the Formula One team, has arranged a 150 million pound ($185.2 million) financing facility with the National Bank of Bahrain (NBB), the Gulf bank said on Monday.

The Covid-19 pandemic has hit the company hard, with sales plunging during a factory shutdown. It announced 1,200 redundancies in May.

"Final documentation has been signed and all the necessary approvals have been granted in relation to a ... 150 million (pound) financing facility," NBB said in a bourse statement.

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Bahrain sovereign wealth fund Mumtalakat Holding Co is the majority shareholder in McLaren Group, with a 56% stake.

Mumtalakat also holds a 44.06% stake in NBB while the government of Bahrain holds a 10.85% stake, Refinitiv data showed.

First Published Date: 30 Jun 2020, 01:45 PM IST
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