3/26, 3:09 PM (Source: TeleTrader)
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FCA enters new €3.5B credit facility amid COVID-19

Fiat Chrysler Automobiles (FCA) said in a statement on Thursday that it entered into a new credit facility worth €3.5 billion with two unspecified banks.

The facility will enable FCA to fund working capital needs and general corporate operations. The automaker added: "The credit facility may be drawn in a single tranche of €3.5 billion, with an initial 12-month term which can be extended at the company’s option for an additional 6-months’ term on the first anniversary of the signing."

FCA said the €3.5 billion is in addition to existing credit facilities in the amount of €7.7 billion.

Breaking the News / VP