Nissan plans $7bn funding, including loan backed by UK government
Japan's struggling Nissan is considering raising more than ¥1-trillion (R125,794,820,900) from debt and asset sales which would include a syndicated loan guaranteed by the UK government, Bloomberg News said on Wednesday.
The country's third-biggest carmaker plans to issue as much as ¥630bn (R78,291,108) worth of convertible securities and bonds, including high-yielding US dollar and euro notes, Bloomberg News said, citing documents it had seen.
Nissan is also considering taking out a £1bn (R24,260,850,000) syndicated loan guaranteed by UK Export Finance, the report said.
The report said Nissan is also looking at selling part of the stakes it holds in French carmaker and long-standing alliance partner Renault and in battery maker AESC Group, and plants in SA and Mexico.
Representatives for Nissan and UK Export Finance did not respond to a request for comment.
Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen.
The proposal was also slated to include the rollover of some debt, the report said.
Earlier this month, the company presented a sweeping cost-cutting plan under which it plans to reduce its workforce by around 15% and cut car plants to 10 from 17 globally.
Sources told Reuters this month Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in SA as part of its cost-cutting plan.
Nissan's shares rose more than 4% after the report but they gave up most of the gains and were last trading up 0.6%.
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