Jaguar Land Rover PLC announces USD 1b loan issued and general syndication launched

In September Jaguar Land Rover Automotive PLC announced it had received a commitment for an unsecured term loan facility for an aggregate principal amount of US$1.0 billion, subject to certain customary conditions precedent. Further to this the Company is pleased to confirm that this USD 1b loan has been completed with 9 banks and is now in general syndication. The loan was drawn in October with an interest rate of LIBOR + 170bp, with final maturity January 2025 and 20% amortising October 2022. The loan is unsecured and the terms are generally similar to JLR's bonds and revolving credit facility.