Fiat Chrysler has set up a $3.84 billion emergency credit facility as it attempts to manage through the coronavirus pandemic that has forced it to shutter many of its operations globally.
The Italian-American automaker said Thursday the funds will be available for “general corporate purposes and for working capital needs.”
The credit facility, with two unnamed banks, is structured as a bridge facility, or short-term loan. Funds can be drawn in a single tranche, with an initial 12-month term which can be extended at the company’s option for an additional 6-month terms.
