Spyker Cars has payed GM the last installment of the 400 million-dollar purchase price of Saab Automobile AB. The last payment of $24 million was due on July 15, but Spyker chose to make the payment two weeks early without resorting to an external loan.
“The early payment of the second and last installment underlines our desire to finalise the transaction with GM as soon as it was possible, enabling management to fully focus on the future of the group,” Spyker Cars CEO Victor Muller said in a recent statement.
Spyker initially paid $74 million in cash for Saab, which included borrowing $25 million from a Muller investment car and also $25 million from selling shares, mainly to GEM Global Yield Fund Ltd.
The last amount was generated through an internal loan from Saab Great Britain. Saab Great Britain was acquired by Spkyer on May 31, which, Spyker says, has helped them produce the final payment without increasing their external debt or by selling more shares.
The early payment does come as a bit of a surprise, especially after Spyker said in February it was still trying to secure finance for the final $24 million payment.