Geely Automobile gets $300 million three-year loan led by Citigroup

By Sarah Lizee

Olympia, Wash., June 27 – Geely Automobile Holdings Ltd. entered into a $300 million three-year facility agreement on Thursday with Citigroup Global Markets Asia Ltd. as agent, according to an announcement.

Interest details were not disclosed in the announcement.

The main purposes of the loan facility are to refinance existing debt and for general corporate purposes.

Under the facility agreement, an event of default will occur if Li Shu Fu is no longer the single largest beneficial shareholder of the company, or no longer beneficially owns at least 25% of the entire issued share capital of the company.

Geely is a Zhejiang, China automobile manufacturer.

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