Dutch automaker Spyker has secured further financing to help solidify its deal with GM for the purchase of the Saab brand.
2008 Saab 9-4X BioPower Concept
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.Spyker has received a convertible loan of $25 million (US) from an investment group which is part of the Heerema Holding Company, Inc.
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.
Spyker stated they fully support Saab's business plan to become "a stand-alone niche manufacturer with three to four model lines: 9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X) and the 9-4X for both the US and European markets." Furthermore, the company will investigate the potential of adding a fourth smaller car line (9-1), but no decision has been made as of yet.
To become profitable, Saab will launch the 9-5 this summer, the 9-4X in early 2011, and the redesigned 9-3 in 2012. They will be marketed as rivals to Audi and BMW, with the support of a "re-energized" sales and distribution approach.
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