Stellantis, the Netherlands based carmaker formed from the merger of Fiat Chrysler (FCA) and Peugeot maker PSA, announced it has signed a new syndicated revolving credit facility (RCF) of €12 billion with a group of 29 relationship banks.

“This new RCF replaces the existing syndicated RCF’s from the Groupe PSA (€3.0 billion) and FCA Group (€6.25 billion), thereby providing an increase in the group’s overall liquidity and an extension of the duration of the facility,” said Stellantis.

“This new RCF, available for use in general corporate purposes, is structured in two tranches: €6.0 billion, with a 3 year tenor, and €6.0 billion, with a 5 year tenor, each tranche benefiting from two further extension options, each of 1-year.

“This successful transaction confirms the strong support to Stellantis from its international relationship banks.”