The logos of vehicle firms (LtoR) Abarth, Lancia, Fiat, Alfa Romeo and Jeep are pictured on the entrance to the Fiat Chrysler Cars (FCA) on the Fiat Mirafiori automotive plant on Might 27, 2019 in Turin, northern Italy.
Marco Bertorello | AFP | Getty Photographs
Fiat Chrysler has arrange a $3.84 billion emergency credit score facility because it makes an attempt to handle by means of the coronavirus pandemic that has pressured it to shutter a lot of its operations globally.
The Italian-American automaker stated Thursday the funds can be accessible for “basic company functions and for working capital wants.”
The credit score facility, with two unnamed banks, is structured as a bridge facility, or short-term mortgage. Funds might be drawn in a single tranche, with an preliminary 12-month time period which might be prolonged on the firm’s choice for a further 6-month phrases.
Shares of Fiat Chrysler have been down by about 1.5% in pre-market buying and selling following the announcement. The inventory is down 49.4% to this point this yr and 49.7% over the previous…