MILAN, Nov 15 (Reuters) - Fiat's industrial unit has received a binding commitment for a 4 billion euro ($5.45 billion) funding package from a pool of banks, the Italian carmaker said on Monday.
Fiat, Europe's No.6 carmaker by market share, plans to spin off its industrial business comprising truck-maker Iveco and U.S. tractor and bulldozer company CNH from its car division on Jan. 3.
Fiat said the package will be used for Fiat Industrial's corporate and working capital needs, including repaying, after the spin-off, intercompany financing provided by Fiat.
The banks mandated to organise the package are Intesa Sanpaolo's Banca IMI, Barclays Capital, BNP Paribas, Citigroup Global Markets Limited, Credit Agricole Corporate and Investment Bank, Societe Generale Corporate & Investment Banking, the Royal Bank of Scotland and UniCredit.
The banks have fully underwritten the facility which includes a three-year, 1.6 billion euro revolving credit facility and a 2.4 billion euro term loan with a maturity of one year and a one year extension at the company's discretion.
Syndication of the three-year facility began Monday, Fiat said.
($1=.7344 Euro) (Reporting by Stephen Jewkes. Editing by Robert MacMillan)