OREANDA-NEWS. Volvo Cars, the premium car maker, is pleased to announce it has priced its debut senior notes offering. The Swedish company has priced €500 million aggregate principal amount of 3.25% senior notes due 2021 at par.

Proceeds from the bond issuance are being used for general corporate purposes and will increase the company’s financial flexibility and diversify its funding sources. The offering is expected to settle on or about 18 May 2016, subject to customary conditions precedent for similar transactions.

For the 2015 financial year, Volvo Car Group recorded an operating profit of 6,620 MSEK (2,128 MSEK in 2014). Revenue over the period amounted to 164,043 MSEK (137,590 MSEK). For the full year 2015, global sales reached a record 503,127 cars,

Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 503,127 in 2015 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.

As of December 2015, Volvo Cars had almost 29,000 employees worldwide. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Sk?vde (Sweden) and Zhangjiakou (China) and body components in Olofstr?m (Sweden).