MILAN -- Fiat Chrysler Automobiles said it has agreed a new credit facility with two banks, at a time when automakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus.
FCA said the credit facility would be available "for general corporate purposes and for working capital needs" of the group and that it was structured as a "bridge facility" to support its access to capital markets.
"This transaction confirms the continued strong support of FCA's international key relationship banks in the current extraordinary circumstances," the automaker said in a statement on Thursday.
FCA did not make any explicit link between the new facility and the impact the virus is having on the global economy.
The facility can be drawn in a single tranche of 3.5 billion euros ($3.8 billion), with an initial 12-month term which can be extended for further six months. It adds to existing credit facilities worth 7.7 billion euros, including lines for 1.5 billion euros that the company has started to draw down, FCA said.