International Trade Secretary, Liz Truss, today announced that Ford has received a £625 million loan facility from commercial banks with support from a £500 million guarantee from UK Export Finance (UKEF) during a visit to Ford of Britain’s engine production plant in Dagenham.
UKEF will provide the guarantee under its Export Development Guarantee (EDG), a new facility launched today that will support high value commercial lending to UK exporters.
Before now, UKEF’s support had to be tied to an individual export contract. UKEF is now able to support a company’s general export activities using the EDG, expanding the scope of government support for companies.
International Trade Secretary, Liz Truss, said:
This deal firmly puts the UK at the heart of Ford’s plans to grow its export business, reduce emissions and support skilled manufacturing jobs.
A thriving automotive industry is vital to the success of the UK economy. It brings prosperity and security to manufacturers across the country. That’s why we are putting its needs at the heart of our strategy to remove barriers to trade when negotiating free trade deals.
Chairman, Ford of Britain, Graham Hoare, said:
Ford’s manufacturing operations are already an export success story, with around 85% of engines and 100% of transmissions built in the UK exported. This financing will help to maintain Ford as a key UK exporter.
I would like to thank UKEF for their confidence, and Citi who acted as coordinator and facility agent for the £625 million loan facility with a repayment term of 5 years.
Mandated lead arrangers and lenders for the loan were Barclays Bank plc, Citibank N.A. London Branch, National Westminster Bank plc, Lloyds Bank plc and Sumitomo Mitsui Banking Corporation London Branch.BLOG COMMENTS POWERED BY DISQUS