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

Stellantis repays 6.3 billion euro Italy state-backed loan in advance
Stellantis repays 6.3 billion euro Italy state-backed loan in advance Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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ROME - 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.

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.

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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