Demand from automotive workshops for alternative finance is up 47 per cent over the last 12 months, making the sector one of the five fastest-growing alternative funding customers in the UK. Overall, the research conducted by 365 finance reports a 42 per cent year-on-year increase in small-and-medium-sized-enterprise (SME) funding across the country.
Pirelli has a new 500 million euro line of credit following a new agreement with a select pool of international banks. Pirelli said the line will enable the reinforcement of the liquidity margin which, on 30 September 2023, already guaranteed coverage of debt maturities to the end of 2025. It will mature in December 2027.
Recently, Linglong revealed the latest situation of its Serbian factory. It is reported that for the business needs of the Serbian company, Linglong recently added a credit guarantee of approximately 18 million euros to the subsidiary. As of 30 September 2023, the total assets of the Serbian factory were about 7.94 billion yuan (about £893 million; €1.026 billion).
Prometeon Tyre Group reports that its Environmental, Social and Governance (ESG) Risk Rating has been graded as low, strengthening the tyre manufacturer’s commitment to its corporate social responsibility (CSR) and sustainability goals. The achievement is also crucial for managing a 350-million-euro sustainability-linked loan.
On 28 June 2022, Huntington Business Credit announced it closed $35 million of new credit facilities with American Kenda Rubber Industrial Co. Ltd. (Kenda USA). According to Huntington Business Credit, the funds were used to “refinance existing indebtedness and provide ongoing working capital growth financing.
The day after Goodyear announced that it is buying Cooper Tire for north of $2.5 billion, Fitch Ratings affirmed its Long-Term Issuer Default Ratings of The Goodyear Tire & Rubber Company (GT) and its Goodyear Europe B.V. (GEBV). Fitch also affirmed its ratings on a number of specific funding lines. Both moves can be interpreted as partially affirming the Goodyear Cooper acquisition’s strategic logic – something that was described as compelling by the senior executives of both companies.
Bridgestone Americas has executed a US$1.1 billion sustainability-linked credit facility in partnership with Sumitomo Mitsubishi Banking Corporation (SMBC). Under this credit facility, the costs that Bridgestone incurs in relation to its borrowings will decline or rise in line with independent appraisals of its sustainability.
The Goodyear Tire & Rubber Company refinancing itself with $600 million of 5-year senior notes. According to the company, the notes will be senior unsecured obligations of the company. Goodyear intends to use the net proceeds for “general corporate purposes…
Prometeon Tyre Group has arranged an inaugural 600 million euros of credit facilities consisting of 450 million euros of term facility and a 150 million euros of revolving facility. The new credit facilities mature on March 2020, with two one-year extension options. According to Prometeon, the credit facilities secure the firm’s “financial independence and autonomy following its separation from the Pirelli Group and optimise the company’s capital structure”.
Evonik Industries AG has secured improved conditions through the refinancing of its existing syndicated credit facility with a group of 18 banks. The new credit facility with an unchanged volume of 1.75 billion euros has a term of five years, with the option of two extensions of one year each. It will end in 2024 at the latest.
Michelin has financed more than £1.3 million in agricultural tyres and rims across the past 18 months with its 0 per cent finance credit scheme. More than 270 farmers have used the Flexelagri finance programme, launched in early 2013, which helps qualifying farmers and contractors from the UK purchase agricultural drive, materials handling and trailer tyres by spreading the cost over 24 monthly payments.
Dipstix, a website designed to connect motorists manage their cars, has added a new Midlands-based team member in response to “growing demand” for its new FlexiFix ‘fix now, pay later’ product.
David Sanders joined Dipstix in July. He brings with him a background in finance.
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