McLaren arranges US$185 million financing facility with Bahraini bank

McLaren arranges US$185 million financing facility with Bahraini bank

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

Logo of McLaren is seen at a showroom in Opfikon
FILE PHOTO: The logo of car manufacturer McLaren is seen at a showroom in the Glattpark district in Opfikon, Switzerland October 2, 2018. REUTERS/Arnd Wiegmann

DUBAI: British supercar manufacturer McLaren Group, which includes the Formula One team, has arranged a 150 million pound (US$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. [nL4N2D82MZ

"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.

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

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

(Reporting by Alexander Cornwell; editing by Jason Neely)

Source: Reuters

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