Chinese auto manufacturer Zhejiang Geely Holding is seeking up to a 2 billion euro syndicated loan to refinance debt incurred from the purchase of Volvo in 2018, Bloomberg News reported Friday, citing people familiar with the matter.
The loan could be syndicated as early as November, and a number of banks are expected to finance the loan, but the details could change, the filing said.
Talks on the loan come as Geely is gearing toward upscaling its auto portfolio to compete with local companies in the electric vehicles sector, the report said.
Zhejiang Geely Holding is the parent of Hong Kong-listged Geely Automobile (HKG:0175).
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