Plus   Neg

Renault Finalizes EUR 5 Bln Credit Facility Agreement

Groupe Renault said it has finalized a credit facility agreement with a banking pool, for a maximum total amount of 5 billion euros benefiting from a guarantee of the French government.

The credit facility will strengthen the company's finances in the wake of the coronavirus pandemic, which affects entire autos industry.

The banking pool consists of BNP Paribas, Crédit Agricole, HSBC France, Natixis and Société Générale.

The French car maker said that the credit facility may be drawn in whole or in part and in one or several times, until December 31st, 2020, with a guarantee from the French State up to 90% of the total amount borrowed.

The credit facility has an initial 12-month maturity, with an option for the company to extend the maturity for an additional three-year period.

Last Friday, Groupe Renault said it planned to cut about 14,600 jobs across the world and lower its production capacity.

The plan included almost 4,600 jobs reduction in France, through voluntary retirement and retraining. More than 10,000 positions in the rest of the world would be eliminated.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. is recalling certain Ranger and General Utility, as well as All-Terrain vehicles citing risks of crash, the U.S. Consumer Product Safety Commission said in a statement. The Medina, Minnesota-based company has called back about 26,730 units of Model Year 2019 - 2020 Ranger XP 1000 & Model Year 2020 General XP 1000 Utility vehicles. Gilead Sciences Inc. (GILD) said Friday that the European Commission has granted conditional marketing authorization for Veklury or remdesivir as a treatment for SARS-CoV-2 infection, the virus that causes COVID-19. FedEx is asking NFL team Washington Redskins to change its name for its racist connotations. The delivery services company, which is a major sponsor for the team, made the suggestion following increasing pressure from its investors amid the ongoing protests against racial injustice and inequality that arose from the killing of African-American George Floyd.
Follow RTT