Ford Otosan Romania secures EUR 435 mln for investments in Craiova plant production

Automotive manufacturing company Ford Otosan Romania has sealed a seven-year credit agreement worth EUR 435 million with a syndicate of banks. The loan will finance the next generation of Ford Transit Courier and Tourneo Courier and the launch of the new Ford Puma, including fully electric variants of these models, at the company's plant in Craiova.

Société Générale and its Romanian subsidiary, BRD, acted as Coordinating Mandated Lead Arrangers and Bookrunners in the transaction, in which a group of international and Romanian banks also participated, according to a BRD press release. CMS advised Ford Otosan during the negotiations of the financing documentation and the closing.

"Our Craiova plant plays a significant role in establishing Ford Otosan's leading position in electric vehicle production in Europe. We are pleased to announce the signing of a syndicated loan agreement to finance ongoing investment projects in vehicles and engineering at the Craiova plant to materialize our growth plans in Europe," said Gül Ertuğ, Ford Otosan's CFO.

Ford Otosan officially began production of the new Courier models in Craiova last October. According to Ziarul Financiar, to produce the new Puma alongside the Transit and Tourneo Courier, the company started investments of EUR 490 million in Craiova and recruited 1,300 new employees, reaching over 6,300 employees.

(Photo source: LinkedIn/Ford Otosan Romania)