GE Capital Agrees £170m Jaguar Land Rover Funding Facility
GE Capital has signed an agreement with Jaguar Land Rover (JLR), the UK-based subsidiary of Indian group Tata Motors, to provide a working capital facility of up to £170 million, available for a five-year term.
The facility represents an innovative structure to finance JLR finished vehicle stocks between the points of production and onward sale to dealers on a revolving basis. Ken Gregor, chief financial officer (CFO) of Jaguar Land Rover, said: “We are pleased that our funding plans have further progressed and welcome the confidence shown by GE Capital in the Jaguar Land Rover business.”
“This deal is further evidence of our commitment to supporting important industries in the UK and Europe and finding funding solutions that are tailored to companies’ asset portfolio,” said Rich Laxer, Europe, Middle East and Africa (EMEA) president and chief executive officer (CEO), GE Capital. “This is the first time that we are aware of in Europe that a facility has been created to leverage this part of the distribution cycle and is demonstrative of how our pan-European asset and structuring expertise can truly benefit our customers.”