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Fiat says nearly all $1.69 billion General Motors exchangeables put back to company
New York, June 28 - Fiat SpA said holders of nearly all its $1.69 billion outstanding bonds exchangeable into General Motors Corp. stock have exercised the put option.
The securities will be "almost entirely redeemed," the Turin, Italy, auto maker said in a filing with the Securities and Exchange Commission.
The exchangeables are putable for cash on July 9. Fiat will fund the put with available liquidity.
Fiat previously repurchased $540 million of the exchangeables in the open market on April 23. It originally issued $2.2 billion in December 2001.
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