Groupe Renault has announced the finalisation of a credit facility agreement with a banking pool, for a maximum total amount of €5bn (£4.4bn) benefiting from a guarantee of the French State.

The €5bn (£4.4bn) credit facility aims to help with the company’s liquidity

The credit facility is designed to help with the Groupe’s finance following the detrimental impact coronavirus and associated global lockdowns have had on the car maker’s accounts.

The main terms and conditions of the credit facility are as follows:

• A maximum total amount of €5 billion, which may be drawn in whole or in part and in one or several times, until December 31st, 2020;
• An initial 12-month maturity, with an option for Renault to extend the maturity for an additional three-year period;
• A guarantee from the French State up to 90% of the total amount borrowed;
• A banking pool made up of five banks: BNP Paribas, Crédit Agricole, HSBC France, Natixis and Société Générale.