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Italy's credit agency SACE approves state guarantees for FCA $7 billion bank loan: source

Published 05/28/2020, 04:51 PM
Updated 05/28/2020, 04:55 PM
© Reuters. A Fiat Chrysler Automobiles sign is seen at the U.S. headquarters in Auburn Hills, Michigan,

MILAN (Reuters) - The board of Italy's export credit agency SACE has approved state guarantees covering 80% of a 6.3 billion euro ($7 billion) bank loan for Fiat Chrysler (MI:FCHA) (N:FCAU), a source close to the matter said on Thursday.

Earlier this week the loan was approved by the board of Italy's biggest retail bank Intesa Sanpaplo (MI:ISP), which will disburse the money after a final green light and conditions for the loan from the Italian Treasury.

Both Fiat Chrysler (FCA) and SACE declined to comment.

© Reuters. A Fiat Chrysler Automobiles sign is seen at the U.S. headquarters in Auburn Hills, Michigan,

FCA earlier this month said its Italian unit was working with Rome and Intesa to obtain a state-backed 6.3 billion euro, three-year facility designed to help the group's operations in the country and the whole industry to weather the crisis triggered by the coronavirus.

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