McLaren arranges $185 mln financing facility with Bahraini bank

British supercar manufacturer McLaren Group, which includes the Formula One team, has arranged a 150 million pound ($185.2 million) financing facility with the National Bank of Bahrain (NBB), the Gulf bank said on Monday. The COVID-19 pandemic has hit the company hard, with sales plunging during a factory shutdown. It announced 1,200 redundancies in May. [nL4N2D82MZ

"Final documentation has been signed and all the necessary approvals have been granted in relation to a ... 150 million (pound) financing facility," NBB said in a bourse statement. Bahrain sovereign wealth fund Mumtalakat Holding Co is the majority shareholder in McLaren Group, with a 56% stake.

Mumtalakat also holds a 44.06% stake in NBB while the government of Bahrain holds a 10.85% stake, Refinitiv data showed. ($1 = 0.8101 pounds)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)