Following Fiat Chrysler Automobiles N.V.’s announcement yesterday of its launch of a benchmark note issuance denominated in Euro, FCA confirms the pricing of the offering of: (1) €1,250 million in principal amount of 3.375% Senior Notes due July 2023, (2) € 1,250 million in principal amount of 3.875% Senior Notes due January 2026, and (3)
€1,000 million in principal amount of 4.50% Senior Notes due July 2028, each at an issue price of 100% of the applicable principal amount.
The settlement of the offering is currently expected on 7 July 2020. The notes will be issued by FCA under its Euro Medium Term Note Programme. This issuance takes out in full the € 3,500 million bridge credit facility that FCA entered into on 26 March 2020 and syndicated on 14 April 2020, when access to capital markets was limited and which was never drawn. As such, today’s issuance does not increase the Group’s overall available liquidity but extends its duration and enhances the stability of the Group’s capital structure.
SOURCE: FCA
