$25 million loan will allow Spyker to make scheduled payments to GM for the purchase of Saab. The loan from an investment group is contingent upon Spyker securing a €400 million loan from the European Investment Bank.
Dutch automaker Spyker has secured further financing to help solidify its deal with GM for the purchase of the Saab brand.
Spyker has received a convertible loan of $25 million (US) from an investment group which is part of the Heerema Holding Company, Inc. The term of the loan is for 2 years, with a Eurobor interest rate of 10 percent. The loan is also convertible into stock priced at 4 euros per share. The loan is contingent upon Spyker receiving a €400 million loan from the European Investment Bank to finance its purchase and takeover of Saab.
A $25 million payment has already been made to GM as of January 26, 2010. By July 15, Saab will have to make a final $24 million payment to GM against the $74 million purchase price.
The Saab deal has been guaranteed by the Swedish government, in a move approved by the European Commission's Directorate General for Competition.
Spyker CEO Victor Muller said in a press release, "We are delighted that Heerema has decided to become an investor in our company."
Pieter Heerema, of Heerema Holding Company, Inc., believes that the investment will pay off and that Spyker can turn the Saab brand into a success.
"We are confident that when the company's management gets the opportunity to implement the business plan we will see a good financial return on our investment as well," Heerema is quoted as saying in the Sypker press release.