Fiat talks €1 billion five-year notes at mid-swaps plus 175-180 bps, pricing Friday morning

By Paul A. Harris

St. Louis, May 4 - Fiat Finance & Trade Ltd. SA talked its €1 billion offering of five-year senior notes (Ba3/BB-) at five-year mid-swaps plus 175 to 180 basis points on Thursday, according to a market source.

The offering is expected to price Friday morning, London time.

Credit Suisse and Goldman Sachs & Co. have the physical books for the Regulation S offering. Caboto and Societe Generale are joint bookrunners. Banca Nazionale del Lavoro, Calyon Securities and Capitalia are co-managers.

The notes will be non-callable.

Proceeds will be used for general corporate purposes.

The prospective issuer is a financing unit of Turin, Italy-based automobile manufacturer Fiat SpA.

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