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11/02/2013 | Paris

On 11 February, Banque PSA Finance obtained the European Commission's temporary authorization to use the French State's guarantee to secure its debt issuance in the period from 1 January 2013 to 31 December 2016. The guarantee was voted by the French parliament on 29 December 2012 and has been granted in exchange for a premium. It concerns total issues of up to €7 billion and covers the principal amount of the debt issues plus related interest, costs and incidental expenses.

The European Commission's authorization has been obtained for the first €1.2 billion tranche of issuance with a term of up to 36 months, to be carried out in the next six months, corresponding to the period needed by the Commission to issue its final decision concerning this State support.

A 5-member guarantee monitoring committee, comprising representatives of the French State and the PSA Peugeot Citroën Group, will oversee the coordinated implementation of the guarantee.

The temporary authorization to use the guarantee, along with the increase in the securitization programme and the rollover of bank facilities provide Banque PSA Finance with robust refinancing resources, in terms of their amount and duration, together with good visibility.

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