Company: PLSAY
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001884082-25-000012
Chunk: 162

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-05-09
Form: 20-F
Item: Item 5
Chunk 162
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 $1,400.0 million as well as waiving the testing of the debt ratio for the fourth quarter of 2024 and the first quarter of 2025. As a result of these changes, Polestar was not in default related to the syndicated loan as of December 31, 2024.

Polestar's Euro denominated uncommitted secured green trade finance facility is subject to certain covenant requirements and shares the same minimum quarterly cash covenant as the syndicated loan. As of December 31, 2024, Polestar was not in breach of its cash covenant.

As of December 31, 2024, total outstanding liabilities to credit institutions was $3,439.6 million of which $927.2 million was related to long-term liabilities to credit institutions and $1,132.0 million of short-term working capital loans are secured by our related party Geely. Refer toNote 25 - Liabilities to credit institutions for information on Polestar's working capital loans outstanding as of December 31, 2024.

Related party financing

On August 21, 2024, Polestar entered into the second amendment of its $800.0 million eighteen-month term credit facility with Volvo Cars dated November 3, 2022. This second amendment also amended the terms of the $200.0 million additional borrowing capacity provided via the first amendment on November 8, 2023. Per the second amendment all $1,000.0 million borrowed is due on December 29, 2028. As of December 31, 2024, the facility was fully drawn with an outstanding principal balance of $1,000.0 million.

As of December 31, 2024, the $250 million term facility Polestar entered into with Geely was fully drawn with an outstanding principal balance of $250 million.

Related to both the Volvo facility and Geely facility described above, the rate of interest on each loan made under the credit facilities is the SOFR rate plus 4.97% per annum. Under this agreement, if Polestar announces an offering of shares of any class in the share capital, with a proposed capital raising of at least $350.0 million, and no fewer than five institutional investors participating in the offering, then both Geely and Volvo Cars have the right to convert the principal amount of any outstanding loans into equity.

As of December 31, 2024, principal of $124.9 million is outstanding under the asset transfer arrangement between Polestar and