Peugeot Reaches EU11.5 Billion Refinancing Deal With Banks
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PSA Peugeot Citroen, Europe’s second-largest carmaker, reached an 11.5 billion-euro ($15.2 billion) refinancing agreement to rescue its bank unit as the region’s auto sales drop to the lowest in almost two decades.
The agreement was concluded this week with a pool of about 20 banks, and all that remains is the legal documentation, which should be completed by early January, Chief Financial Officer Jean-Baptiste de Chatillon said in a telephone interview today.