Stellantis says Italian units have repaid €6.3bn credit facility to Intesa Sanpaolo

(RTTNews) – Stellantis NV (STLA), comprised of Fiat Chrysler Automobiles NV and France’s Peugeot SA, announced on Friday that FCA Italy SpA and the other Italian subsidiaries of Stellantis have repaid the €6.3 billion credit facility to Intesa Sanpaolo (ISNPY.PK, IITSF.PK).

Stellantis said it was now able to repay the facility before its original maturity date of March 2023 while continuing with its investment plans.

The credit facility, concluded in June 2020, was 80% guaranteed by SACE, the Italian export credit agency, under the Italian government’s Liquidity Decree. It was placed under the supervision of the Ministry of Economy and Finance – MEF, and the Ministry of Economic Development – MISE.

The credit facility has been structured to support the restart and transformation of the Italian automotive sector following the COVID-19 outbreak by providing liquidity to Stellantis’ Italy operations and its Italian suppliers.

According to the company, the facility has been instrumental in restarting industrial production and ensuring the continuity of key investment projects in Italy.

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