May 28, 2020 / 8:52 PM / a month ago

Italy's credit agency SACE approves state guarantees for FCA $7 billion bank loan: source

FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at the U.S. headquarters in Auburn Hills, Michigan, U.S., May 25, 2018. REUTERS/Rebecca Cook

MILAN (Reuters) - The board of Italy’s export credit agency SACE has approved state guarantees covering 80% of a 6.3 billion euro ($7 billion) bank loan for Fiat Chrysler (FCHA.MI) (FCAU.N), a source close to the matter said on Thursday.

Earlier this week the loan was approved by the board of Italy’s biggest retail bank Intesa Sanpaplo (ISP.MI), which will disburse the money after a final green light and conditions for the loan from the Italian Treasury.

Both Fiat Chrysler (FCA) and SACE declined to comment.

FCA earlier this month said its Italian unit was working with Rome and Intesa to obtain a state-backed 6.3 billion euro, three-year facility designed to help the group’s operations in the country and the whole industry to weather the crisis triggered by the coronavirus.

Reporting by Stefano Bernabei, writing by Giulio Piovaccari, editing by Valentina Za

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