Zhejiang Geely Holding Group Co. Ltd.-owned Volvo Cars said Dec. 16 that it issued 5 billion Swedish kronor worth of convertible preference shares to refinance an existing credit facility.

The shares were issued to a group of Swedish institutional investors including pension fund AMF Pensionsförsäkring AB and insurer Folksam LO Fondförsäkringsaktiebolag (publ).

As of Dec. 16, US$1 was equivalent to 9.37 Swedish kronor.