Chrysler launches $2.93 billion term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, Dec. 9 - Chrysler Group LLC launched on Monday its $2,932,500,000 senior secured term loan B due May 24, 2017 with price talk of Libor plus 275 basis points with a 0.75% to 1% Libor floor and a par offer price, according to a market source.

The B loan has 101 soft call protection for six months, the source said.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch and Goldman Sachs Bank USA are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Commitments are due at 10 a.m. ET on Friday, the source added.

Closing is targeted for Dec. 23.

Chrysler is an Auburn Hills, Mich.-based automotive company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.