Japanese banks offer 'Ninja loan' to Volvo Group
Paul O'Mahony · 11 Jul 2008, 15:28
Published: 11 Jul 2008 15:28 GMT+02:00
- Volvo to launch low-cost truck for China (21 May 08)
- Volvo posts strong earnings (25 Apr 08)
- Volvo announces Indian order for city buses (25 Mar 08)
The deal will be made through Volvo Treasury, which "has decided to use syndicated lending as a means of diversifying its funding source," Mizuho said in a statement.
A total of 17 Japanese financial institutions are to participate in the loan.
For a major European firm, it is the first "Ninja loan", a scheme under which Japanese lenders provide syndicated loans to overseas corporate borrowers, Mizuho said.
The Volvo Group is the world’s second largest manufacturer of heavy duty trucks and a leading provider of construction equipment, buses and other commercial products.