Nissan plans US$7 billion funding, including loan backed by UK government: Report
TOKYO: Japan's struggling Nissan is considering raising more than 1 trillion yen (US$7 billion) from debt and asset sales, which would include a syndicated loan guaranteed by the British government, Bloomberg News said on Wednesday (May 28).
The country's third-biggest automaker plans to issue as much as 630 billion yen 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 1 billion pound (US$1.35 billion) syndicated loan guaranteed by UK Export Finance, the report said. UK Export Finance is a government agency that provides loans and insurance to British exporters.
The Bloomberg News report said Nissan is also looking at selling part of the stakes it holds in French automaker and long-standing alliance partner Renault and in battery maker AESC Group, as well as plants in South Africa and Mexico.
A representative for Nissan said the company does not comment on speculation. UK Export Finance also said it did not comment on speculation around specific transactions.
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 per cent and cut car plants to 10 from 17 globally.
Sources told Reuters this month that Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in South Africa as part of its cost-cutting plan.
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