Polestar Automotive obtains $800 million loan with Snita as lender

By Wendy Van Sickle

Columbus, Ohio, Nov. 3 – Polestar Automotive Holding UK plc entered on Nov. 3 into a credit agreement providing for an $800 million term loan with Snita Holding BV, a wholly owned subsidiary of Volvo Car AB, as original lender, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds may be used for general corporate purposes.

The term loan terminates in 18 months, subject to Snita exercising an option to convert all or part of the loan into shares of Polestar.

Borrowings bear interest at term SOFR plus 497 basis points with a SOFR floor of zero.

The electric performance car brand is based in Sweden.

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