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Tesla: signs two-part loan for Shanghai Gigafactory

(CercleFinance.com) - Tesla has entered into agreements with a syndicate of lenders in China for two loan facilities representing a total of up to 11.
25 billion yuan (about 1.6 billion dollars) for the construction of its Gigafactory in Shanghai, the Californian electric vehicle maker said on Friday.

Tesla has signed a secured term loan facility of up to 9 billion yuan and an unsecured revolving loan facility of up to 2.25 billion yuan, in each case to be used in connection with its Gigafactory project, the company said.

The factory is currently under construction, with expected completion in 2020.

On 20 December, proceeds from one of the new facilities were used to repay in full an existing bridge loan facility of up to 3.5 billion yuan, Tesla noted.

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