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GELYY News DJ Volvo Cars Gets EUR198M Loan To Secure Belgian Projects.

Monday, December 13, 2010 8:02 AM

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News for 'GELYY' - (DJ Volvo Cars Gets EUR198M Loan To Secure Belgian Projects)

DOW JONES NEWSWIRES

http://online.wsj.com/article/BT-CO-20101213-705113.html?mod=wsjcrmain

Volvo Car Corporation, through Volvo Cars NV, said Monday taht with ING Belgium it has officially signed a loan agreement of EUR198M to secure car projects in Volvo Car Corporation's manufacturing plant in Ghent, Belgium.

MAIN FACTS:

-The loan is guaranteed by the Flemish regional government through Gigarant.

-The loan will be used to secure investments and jobs in Volvo Car Corporation's Ghent factory through car projects with industrialisation in that production facility.

-The loan term is 5 years and the conditions are in accordance with the temporary framework for state aid measures of the European Commission.

-"The loan secures investments and jobs in Ghent and provides Volvo Car Corporation with funding stability for car projects with industrialisation in our Belgian factory," says Stefan Jacoby, CEO of Volvo Car Corporation.

-Gigarant NV is a company owned by Participatiemaatschappij Vlaanderen (PMV), which has the Flemish government as its sole shareholder. Gigarant's mission is to provide credit guarantees to companies that aim to secure financing at times when credit has become tight due to the financial crisis.

-By Stockholm Bureau, Dow Jones Newswires; [phone]; [e-mail]

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(END) Dow Jones Newswires

December 13, 2010 08:02 ET (13:02 GMT)

Copyright (c) 2010 Dow Jones & Company, Inc.- - 08 02 AM EST 12-13-10

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