Fiat Chrysler closes €3.5 billion one-year bridge loan with two banks

By Marisa Wong

Los Angeles, March 26 – Fiat Chrysler Automobiles NV said it has entered into a new €3.5 billion incremental credit facility with two banks.

The credit facility may be drawn in a single tranche with an initial 12-month term. The maturity may be extended at the company’s option for an additional six months on the first anniversary of the signing.

The facility is in addition to the company’s existing credit facilities of €7.7 billion, including the bilateral credit lines worth €1.5 billion that the company has started to draw down, according to a press release.

The new loan will be available for general corporate purposes and for working capital needs and is structured as a bridge loan to support the group’s access to capital markets.

The company said this transaction confirms the continued strong support of its international key relationship banks in the current extraordinary circumstances.

Fiat Chrysler is an Auburn Hills, Mich.-based automaker.

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