Chrysler sets Libor floor on $2.93 billion term loan B at 0.75%

By Sara Rosenberg

New York, Dec. 13 - Chrysler Group LLC firmed the Libor floor on its $2,932,500,000 senior secured term loan B due May 24, 2017 at 0.75%, the tight end of the 0.75% to 1% talk, according to a market source.

As before, the loan is priced at Libor plus 275 basis points, is being issued at par and has 101 soft call protection for six months.

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.

Closing is targeted for Dec. 23.

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

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