McLaren arranges $185mln financing facility with Bahraini bank

Bahrain sovereign wealth fund Mumtalakat Holding Co is the majority shareholder in McLaren Group

  
The new corporate logo of National Bank of Bahrain is seen over the main entrance of the bank in Manama, Bahrain, February 26, 2019. Picture taken February 26, 2019.

The new corporate logo of National Bank of Bahrain is seen over the main entrance of the bank in Manama, Bahrain, February 26, 2019. Picture taken February 26, 2019.

REUTERS/Hamad I Mohammed

DUBAI - 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.

"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)

(Reporting by Alexander Cornwell; editing by Jason Neely) ((Alexander.Cornwell@thomsonreuters.com;))