National Bank of Bahrain Grants McLaren £150 Loan
2020-07-06 - 5:37 p
Bahrain Mirror: The National Bank of Bahrain has granted a £150million loan to McLaren to help it cope with the aftermath of the Coronavirus pandemic.
McLaren Group Ltd. said 150 million pounds ($185 million) has been injected into the British supercar maker by way of an equity subscription.
McLaren obtained the loan from National Bank of Bahrain BSC, which is an associate of the carmaker's largest shareholder Mumtakalat.
The Formula One racing team and carmaker had originally planned to raise emergency funds by mortgaging its headquarters and a historic car collection, but the plan faced opposition by a group of noteholders.
The NBB is 44% owned by the Mumtalakat Holding Company, Bahrain's sovereign wealth fund, which also owns 56% of McLaren.