Stellantis signed a 12 billion euro credit facility with 29 banks

Carmaker Stellantis said it had signed a €12bn credit facility with a group of 29 banks, "available for use for general corporate purposes".

The structure consists of two tranches worth 6 billion euros each, with maturities of three and five years, which can be extended by one year, the group, formed earlier this year through the merger of Fiat Chrysler and Peugeot maker PSA, said.

The new structure replaces two existing ones from PSA and Fiat Chrysler, with a total value of 9.25 billion euros, providing the group with an increase in its overall available liquidity and an extension of the duration of the facility, Stellantis said in a statement.