PARIS (AP) -- Carmakers Renault SA and PSA Peugeot Citroen are reimbursing ahead of schedule €1 billion ($1.27 billion) each in loans that were part of the French state bailout of the auto industry.
The French companies issued near simultaneous statements saying they would pay each pay back €1 billion on Friday. Both won loans of €3 billion each in 2009 as part of a government rescue effort for the auto industry.
Peugeot Citroen said the reimbursement would reduce overall debt and allow a "significant drop in financial charges." Renault said likewise in its statement.