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Fiat announced this
morning that the new 1 billion euro five-year bond it
announced earlier this week has been 'significantly
oversubscribed'. The bond offer, which is priced at 99.565
percent, is expected to close on May 12th.
It is being issued by Fiat Finance and Trade Ltd and is
fully guaranteed by the Fiat Group. It is Fiat's latest
foray into the bond market, providing additional funds for
the ongoing major restructuring and revival programme of the
Group which has been initiated by CEO Sergio Marchionne.
Earlier this week Fiat announced its first quarter results
and posted a trading profit of 323 million euros. With sales
up 23.7 pct the previously struggling Auto Division turned
in its second quarterly trading profit in a row, 57 million
euros as opposed to a loss of 129 million euros during the
equivalent period last year.
"Fiat
announces pricing of its offering of €1,000 million in
5.625% Senior Notes due November 2011," read the statement
issued by Fiat Spa this morning. "Following Fiat’s 3th May
announcement of the launch of a five year Euro bond, Fiat
con-firms today that the offering has a principal amount of
€1,000 million of Senior Notes due November 2011 and it has
been priced at an issue price of 99.565% and a coupon of
5.625%. It is currently expected that the offering will
close on 12 May 2006, subject to customary closing
conditions.
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Earlier
this week Fiat announced its first quarter financial
results and announced a trading profit of 323 million euros. |
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The
Fiat Group announced this morning that the new 1
billion euro five-year bond it announced earlier
this week has been 'significantly oversubscribed'.
The bond offer, which is priced at 99.565 percent,
is expected to close on May 12th. |
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"The notes will be issued by Fiat Finance and Trade Ltd.
société anonyme, a wholly-owned subsidiary of Fiat S.p.A.,
under the €15 billion Global Medium Term Note Programme and
will be guaranteed by Fiat S.p.A.
"The offering was significantly over-subscribed," the
statement continued, adding: "The notes are only being
offered and sold outside the United States to institutional
inves-tors that are non-U.S. persons under Regulation S and
have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or any other securities
laws. The notes may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements."
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