Further financing for the Saab deal

Spyker Cars N.V. has announced that the company has entered into a USD 25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

According to Spyker "The USD 25 million loan has a 2 year term, an interest of Euribor + 10% and is convertible into shares at EUR 4 each." This loan is sufficient to secure the funds to close the Saab transaction, with the first USD 25 million already having been paid to General Motors on January 26, 2010.

Victor Muller, Spyker's CEO said: "We are delighted that Heerema has decided to become an investor in our company. I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board".

The European Investment Bank loan being given to Saab is a condition for this convertible loan. Recently the European Commission approved the Swedish state guarantee for Saab, which is a step further to the approval of the USD 546 million dollars.

"The positive decision of the European Commission to approve the Swedish state guarantee is another major step towards closing of the Saab acquisition. We are grateful to the Commission of their willingness to work so hard on this decision within the limited time available.", said Muller.