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Like many other OEMs and big automotive suppliers, FCA is building its cash reserves and credit lines to weather the current COVID-19 crisis and stalled sales.

FCA has announced that it has successfully completed the syndication to a group of thirteen banks (inclusive of the two original underwriting banks) of the credit facility entered into on March 25, 2020.

The Credit Facility will be available for general corporate purposes and for working capital needs of the group and is structured as a bridge facility to support the group’s access to international capital markets.

The Credit Facility may be drawn in a single tranche of EUR3.5 billion, with an initial 12-month term which can be extended at the group’s option for an additional 6-month term on the first anniversary of the signing.

FCA said the successful syndication confirms the strong support that FCA continues to enjoy from its relationship banks and supports FCA’s continued access to international capital markets in the current extraordinary circumstances.

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By GlobalData