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.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
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