Fiat Agrees With Banks on $5 Billion Debt Refinancing, Il Sole 24 Ore Says

Fiat SpA, Italy’s biggest carmaker, agreed with banks to refinance 4 billion euros of debt before the spinoff of the company’s industrial unit, Il Sole 24 Ore reported, without saying where it got the information.

Fiat reached an accord with Intesa Sanpaolo SpA, Unicredit SpA, BNP Paribas SA, Calyon, Societe Generale SA, Royal Bank of Scotland Group Plc, Barclays Plc and Citigroup Inc, and each bank will contribute 500 million euros to the deal, it said.

About 2.4 billion euros will be used as a bridge loan for the spinoff, the Italian daily reported. A Fiat spokesman declined to comment on the report when contacted by Bloomberg.

To contact the reporter on this story: Tommaso Ebhardt in Milan tebhardt@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.