January 22, 2021

Faraday Future Completes Bridge Financing to Push Forward Production of Its All-electric FF 91 Luxury Vehicle

  • Amended Bridge Financing Includes up to $45 Million in New Senior Secured Financing

  • Birch Lake Fund Management LP, Which Led Senior Bridge Financing Facility in 2019, Returns to Support Faraday Future

 

Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced that it has completed the expansion and extension of the senior bridge financing facility put in place in 2019 to support the completion and launch of its flagship FF 91 EV and continue development of the mass-market FF 81. The amended bridge facility includes new senior secured financing of up to $45 million, which matures in October 2021.

As part of the expanded and extended financing agreement, Birch Lake, a Chicago-based merchant bank, has returned to support FF as the majority purchaser of the new senior secured financing. The principals of Birch Lake and co-investor, ATW Partners, a New York-based private equity firm, bring extensive experience

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Army officer completes Leh-Manali bicycle ride in record time

Mumbai, Oct 13 (PTI) The 472-km road from Leh to Manali is considered a challenge even for motorists and truck drivers because of the altitude gain and a mercurial weather.

Army officer Lt Col Bharat Pannu traversed the route — one of the highest motorable stretches in the world — in 35 hours and 25 minutes on bicycle two days ago. He is now hoping to enter the record books.

Pannu started from Leh on Saturday morning and reached Manali on Sunday night.

‘The 50-km climb to Tanglang La (5,328 mtrs from sea level) was a killing one, but the sunset over the pass was beautiful. At night, temperature dropped to -12 degrees Celsius,’ Col Pannu told PTI on the phone from Chandigarh.

According to him, no official speed records were maintained for cyclists on the route, but some cyclists had finished the distance in 49 hours.

To set a

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Sage Automotive Interiors Completes Acquisition of Adient’s Automotive Fabric Business

Increased capacity, expansion, in European automotive industry

GREENVILLE, S.C.–(BUSINESS WIRE)–
Sage Automotive Interiors (an Asahi Kasei company) has now completed its agreement to acquire the automotive fabric business of Adient (NYSE: ADNT).

Sage Automotive Interiors has paid $175M and received regulatory approvals under the agreement announced on March 5, 2020.

“Strengthening our position in Europe will enable us to better support multiple OEMS locally and more broadly as we combine the best of both company operations,” said Dirk Pieper, CEO of Sage Automotive Interiors.

“We look to expand capacity and capability for automotive interior products to the European market to continue our global position as the #1 preferred automotive interiors company,” said Pieper.

Committed to developing innovative designs and creating high performing interiors without compromising the environment, Sage is a global company with more than 30 locations in 19 countries.

“Europe continues to be a key growth

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Penske Automotive Completes Redemption Of 5.75% Senior Subordinated Notes Due 2022

BLOOMFIELD HILLS, Mich., Oct. 1, 2020 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE:PAG), a  diversified international transportation services company, today announced that it has completed the redemption of all of its $550 million in aggregate principal amount of 5.75% Senior Subordinated Notes due 2022 (“the 2022 Notes”).  The redemption was principally funded with the proceeds from the issuance of $550 million aggregate principal amount of 3.5% Senior Subordinated Notes due 2025 which was completed in August 2020.  

The redemption of the 2022 Notes will reduce the company’s future interest expense by approximately $12.0 million annually and extends the maturity of $550 million in senior subordinated debt by three years from 2022 to 2025.

About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United

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Sage Automotive Interiors Completes Acquisition of Adient’s Automotive Fabric Business – Press Release

GREENVILLE, S.C.–(Business Wire)–Sage Automotive Interiors (an Asahi Kasei company) has now completed its agreement to acquire the automotive fabric business of Adient (NYSE: ADNT).

Sage Automotive Interiors has paid $175M and received regulatory approvals under the agreement announced on March 5, 2020.

“Strengthening our position in Europe will enable us to better support multiple OEMS locally and more broadly as we combine the best of both company operations,” said Dirk Pieper, CEO of Sage Automotive Interiors.

“We look to expand capacity and capability for automotive interior products to the European market to continue our global position as the #1 preferred automotive interiors company,” said Pieper.

Committed to developing innovative designs and creating high performing interiors without compromising the environment, Sage is a global company with more than 30 locations in 19 countries.

“Europe continues to be a key growth area for Sage Automotive Interiors. In addition, the technology and capabilities

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Balfour Beatty Completes $429 Million Construction of Regional Transportation District’s N Line

DENVER–(BUSINESS WIRE)–Sep 28, 2020–

Balfour Beatty, a part of the Regional Rail Partners (RRP) joint venture team, completes the first phase of design, construction and commission of Regional Transportation District’s (RTD) newest commuter rail corridor, the North Metro Rail Line (N Line). Recently opened on Sept. 21, the $429 million transit project is the first electrified commuter rail line operated by RTD that will significantly improve mobility from the city’s northern suburbs to downtown Denver.

Balfour Beatty served as managing partner of RRP, a joint venture with Graham Contracting, and provided design-build construction services for the N Line. The recently completed 13-mile section of the commuter rail corridor includes six new stations, five public-grade and one private crossing, quiet zones and 2,480 passenger parking spaces. The N Line also features wireless positive train control (PTC) technology, making RTD the first transit agency in the US to build PTC into a

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