Stellantis N.V. announced today that FCA Italy S.p.A., a wholly owned subsidiary, and Stellantis’ other Italian subsidiaries, have repaid the €6.3 billion credit facility to Intesa Sanpaolo. The credit facility, entered into in June 2020, was structured to support the restart and “transformation of Italy’s automotive sector” after the COVID-19 outbreak rocked the automotive world and its establishment.
By providing badly needed liquidity to the FCA’s businesses in Italy and to its Italian suppliers. The facility was helpful in the restart of industrial production. Stellantis also said it provided continuity for key investment projects to provide a sustainable future for the automotive sector in Italy.
Stellantis is “now in a position to repay the facility” in advance of its original maturity date of March 2023 while continuing its investment projects. The facility was 80% guaranteed by SACE, Italy’s Export Credit Agency, under the Italian Government’s Liquidity Decree (“Decreto Liquidità”), as overseen by the Ministry of Economy and Finance – MEF, and the Ministry of Economic Development – MISE.
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