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Italy Approves Guarantees For EUR 6.3 Bln Loan To Fiat Chrysler

Italy has approved a decree offering state guarantees for a 6.3 billion euros to Fiat Chrysler Automobiles' Italian unit.

FCA Italy S.p.A. and other Italian companies in the FCA Group said that they have signed a 3-year, 6.3 billion euros credit facility with Intesa Sanpaolo, Italy's largest banking group, the proceeds of which will be dedicated exclusively to FCA's activities in Italy and to support the more than 10,000 small and medium enterprises that make up the Italian automotive sector. The facility will be guaranteed by FCA N.V.

The facility will be 80% guaranteed by SACE, Italy's Export Credit Agency, under the Italian Government's Liquidity Decree.

The new credit facility forms part of FCA's broader plan to support the safe restart of its Italian operations, the company said.

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