Fiat Chrysler Automobiles NV said March 26 that it has secured an incremental credit facility worth €3.5 billion with two banks, in addition to the company's existing €7.7 billion loan.
Under the deal, the Italian-American carmaker said it will be able to draw the entire €3.5 billion in a single tranche, with an initial 12-month term. Fiat Chrysler has the option to extend the term for an additional six months on the first anniversary of the signing.
The facility will be used for general corporate purposes and for the group's working capital needs.
The company also said it has already begun to draw down from its bilateral credit line worth €1.5 billion.
Fiat Chrysler is the latest company to secure a new credit facility as global firms work to shore up their finances in the middle of the coronavirus outbreak.