(Adds details and background)
PARIS, June 3 (Reuters) - Renault finalised on
Wednesday a 5 billion euro ($5.60 billion) loan from with the
French government, strengthening the carmaker's finances in the
wake of the coronavirus pandemic which has ravaged the auto
industry.
Renault said that the credit facility carried a guarantee
from the French state - which owns a 15% stake in Renault - of
up to 90% of the total amount borrowed.
Banks BNP Paribas, Credit Agricole, HSBC
France, Natixis and SocGen were
involved in the credit deal.
Renault also said in a statement that the loan would help
finance the company's liquidity requirements.
The carmaker announced last week plans to cut about 15,000
jobs worldwide, including 4,600 in France, where the company
will seek voluntary departures and use retirement schemes.
The announcement sparked weekend protests at some factories,
including at Maubeuge in northern France, although Renault's
chairman Jean-Dominique Senard has pledged the site will not be
closed.
($1 = 0.8925 euros)
(Reporting by Sudip Kar-Gupta and Matthieu Protard
Editing by Keith Weir and Louise Heavens)
HSBC Holdings (HSBA)
