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Renault finalises 5 billion euros credit facility with French state

Reuters | Paris | Updated: 03-06-2020 12:05 IST | Created: 03-06-2020 12:01 IST
Renault finalises 5 billion euros credit facility with French state
File photo Image Credit: Flickr

Carmaker Renault finalized on Wednesday a 5 billion euros ($5.60 billion) credit facility with the French government, strengthening Renault's finances in the wake of the coronavirus pandemic which has ravaged the autos industry. Renault said that the new credit facility carried a guarantee from the French state - which owns a 15% stake in Renault - of up to 90% of the total amount borrowed.

Banks BNP Paribas, Credit Agricole, HSBC France, Natixis, and SocGen were involved in the new Renault credit deal. ($1 = 0.8925 euros)


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