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Stellantis repays 6.3 billion euro Italy state-backed loan in advance

Published 01/28/2022, 06:17 AM
Updated 01/28/2022, 06:20 AM
© Reuters. FILE PHOTO: The logo of Stellantis is seen in this image provided on November 9, 2020. Communication FCA /Handout via REUTERS/File Photo
ISNPY
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ROME (Reuters) - Carmaker Stellantis said on Friday its unit FCA Italy and other Italian subsidiaries had repaid a 6.3 billion euro ($7 billion) loan to Italy's top lender Intesa Sanpaolo (OTC:ISNPY).

The loan was "instrumental in the restart of industrial production (after the COVID-19 outbreak) and provided continuity for key investment projects", the company said in a statement.

It added that Stellantis was now in a position to repay it, ahead of its maturity in March 2023.

© Reuters. FILE PHOTO: The logo of Stellantis is seen in this image provided on November 9, 2020. Communication FCA /Handout via REUTERS/File Photo

The loan, granted in June 2020, had a three-year maturity and credit export agency SACE provided a guarantee on 80% of its amount.

($1 = 0.8981 euros)

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