JLR weighs financing options after write-down

Jaguar Land Rover, reeling from a $4 billion writedown, a slump in China sales and uncertainty around Brexit, said conditions aren’t right for it to borrow from the bond market and that it’s seeking alternative funding. The luxury automaker needs to raise $1 billion within 14 months to replace maturing bonds, while feeding an investment program for electric cars that’s burning through cash. To support its needs, JLR could increase a receivables facility or turn to other bank financing, with further options including leasing assets and tapping export credit, treasurer Ben Birgbauer said in an interview. JLR’s owner Tata Motors Ltd shocked investors on Thursday when it revealed the extent of the problems its UK arm is having in China. Sales of Jaguar sports cars and Land Rover SUVs dropped 35% in the world’s biggest auto market in the nine months to December 31, sending the unit to a £273 million loss and knocking 30% off Tata stock.