Fiat Agrees With Banks on 4 Billion Euro Refinancing, Sole 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.

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