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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.

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