Citi has announced that, together with a syndicate of international banks, it completed a £625 million term loan facility with Jaguar Land Rover Automotive in October this year. The facility is backed by a £500 million guarantee from UK Export Finance under its new General Export Facility programme (GEF).

The loan will amortise over 5 years and support Jaguar Land Rover’s business as the largest automotive exporter in the UK, including investment in the research and development of next generation electric vehicles and future mobility solutions.

“We are pleased to have been able to support Jaguar Land Rover in successfully concluding this first of its kind UKEF General Export Facility,” said Alex Taylor, EMEA head of Export and Agency Finance, Treasury and Trade Solutions at Citi.

Citi acted as coordinator and facility agent for the financing. Mandated lead arrangers and lenders were Barclays Bank, Citi, HSBC Bank, J.P. Morgan, National Westminster Bank and Standard Chartered Bank.