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Jun 12, 2011 | 0 comments | View Post

Chrysler could raise interest rate in trade talks

NEW YORK – Potential debt investors in Chrysler Group LLC may push for a higher interest rate on the US automaker’s term loan to better offset business risks, people familiar with the matter said yesterday.

Chrysler’s top executives held a conference call with potential lenders to address key questions about the terms of the $US3.5 billion loan and additional details about the company’s financial metrics, sources said.

It could not be immediately learned what was discussed on Thursday’s call. But investors this week said the current rate may not adequately compensate lenders for the risks involved in investing in the company’s loan.

Investors added that due to the large size of the loan Chrysler may have to raise the interest rate to make the deal more attractive to investors. One investor said the company could lift the interest rate on the loan to as much as 6.5 per cent to make it more attractive.

“You’re paying back government debt and the company will generate negative free cash flow for the next year,” another investor said this week.

The investor added that Chrysler is likely first to pay down the $US4 billion trust note held by the healthcare trust affiliated with the United Auto Workers union, known as the Veba.

Chrysler is seeking the $US3.5 billion term loan as part of a package refinance about $US7.5 billion in government loans made during its historic 2009 bailout.

Chrysler, which is operated by Fiat SpA, declined to comment. Chief executive Sergio Marchionne said he intends to repay the loans from the United States and Canada by the end of June.

Analysts have said that Chrysler’s vehicle lineup remains heavily skewed toward pickup trucks and SUVs at a time when fuel prices are on the rise. The company has few small car offerings now except for the Fiat 500, a new brand whose launch has been beset with delays.

“This looks like a very ambitious refinancing for a company that still has some major challenges in front of it,” Conway Mackenzie consultant Fred Hubacker said.

Another investor who was shown the deal said given the large size of the loan, lenders did not feel pressed to rush in. “Worst case, they can always pick it up in the secondary,” the investor said.

Payback time

Chrysler and its larger US rival General Motors Co took a federal bailout at the height of the financial crisis in 2009 as auto sales collapsed and consumer credit dried up.

Chrysler was saddled with high-interest government loans, which bear interest rates from around 7 to 20 per cent.

The US Treasury took an equity stake in GM, which has halved in GM’s blockbuster initial public offering last year.

Earlier Thursday, sources said the US Treasury would not start selling its remaining stake in GM until August at the earliest, due in part to the stock’s lacklustre share performance.

On May 4, Marchionne met with bankers and other investors to kick off its effort to raise $US6 billion in a term loan and bonds to repay the government debt. The refinancing would put the automaker on a firmer financial footing, ahead of a potential IPO that could come later this year.

The $US3.5 billion term loan is led by Morgan Stanley. Bank of America Merrill Lynch, Citigroup and Goldman Sachs are to the right of Morgan Stanley.

The $US2.5 billion second-line bond deal is led by Bank of America Merrill Lynch.

Chrysler also plans to use about $US1.27 billion in cash from Fiat to help repay the loans. Chrysler is also seeking a $US1.5 billion revolving line of credit that will not be used to pay back the government.

Goldman Sachs is Chrysler’s financial adviser.

Morgan Stanley, the lead agent bank on the deal, has been marketing the loan at four percentage points to 4.25 percentage points above Libor with a 1.25 per cent Libor floor, along with a discount of 99 to 99.5 cents on the dollar.

http://www.businessspectator.com.au/

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May 14, 2011 | 0 comments | View Post

Chrysler Idles Pickup, SUV Factories in June to Conserve Parts From Japan

Chrysler Group LLC, the automaker run by Fiat SpA (F), is pulling ahead summer shutdowns at some factories and canceling overtime at a plant in Mexico to conserve parts from suppliers affected by the March earthquake in Japan.

The automaker, based in Auburn Hills, Michigan, will idle some factories in Ohio and Michigan in June, instead of July, Jodi Tinson, a Chrysler spokeswoman, said today in an e-mail. The factories make pickups and sport-utility vehicles. U.S. automakers typically stop production for a week or two to change tooling before beginning the next model year’s production.

Chrysler’s Toledo North Assembly Plant that builds Jeep Liberty and Dodge Nitro SUVs in Ohio will shut down during the weeks of June 20 and June 27 instead of during the week of July 11 and July 18, she said. The Toledo Supplier Park that produces Jeep Wranglers will shut down for the week of June 20 instead of the week of July 11, Tinson said.

A factory that makes Ram 1500 and Dakota pickups in Warren, Michigan, will be closed during the weeks of June 20 and June 27 instead of July 11 and July 18, she said.

The assembly plant in Saltillo, Mexico, that makes Ram trucks will eliminate overtime scheduled for May 20, May 27, June 10 and June 24 instead of taking down time during the week of July 11, she said.

http://www.bloomberg.com/

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May 14, 2011 | 0 comments | View Post

Banking on Jeep

As Chrysler Group LLC continues its arduous emergence from last year’s bankruptcy, the U.S. automaker is basing much of its strategy for recovery on its Jeep brand. The success of these plans will greatly affect Toledo’s economy, because Jeep builds several of its best-selling models here. So far, the effort appears to be paying off.

Chrysler executives said this week that sales outside the United States of the made-in-Toledo Jeep Wrangler sport utility vehicle have doubled in the past year. That’s a key element of Chrysler’s plan to triple overall exports of its cars and trucks by 2014. Foreign sales of the Jeep Liberty, also made here, are holding their own, Chrysler says.

Chrysler’s affiliation with the Italian automaker Fiat SpA, part of its postbankruptcy reinvention, offers new retail opportunities worldwide. The automaker has upgraded the Wrangler for the 2011 model year – its interior, electronics, removable hardtop roof – to help prepare for the sales initiative.

This month, Chrysler dropped another tantalizing hint. The company reintroduced to its dealers, to what executives called an “overwhelming response,” a celebrated concept vehicle: a Jeep-branded, midsized pickup based on the Wrangler. Chrysler’s Toledo Assembly complex would seem the ideal place to build the truck.

Although Chrysler CEO Sergio Marchionne told dealers he plans to produce the pickup, the company isn’t talking about timing or numbers. Still, the signs are promising.

A concept version of the vehicle has been kicking around for five years. Its elements are evident in the four-door Jeep Wrangler Unlimited, a big seller for the brand.

Should Chrysler green-light the truck’s manufacture, that could mean more work and expanded capacity for Toledo Assembly. The four-year-old plant and its United Auto Workers-represented employees have demonstrated their high productivity and commitment to quality.

Greater attention to Toledo would be an appropriate reflection of Chrysler’s comeback, this area’s role in the automaker’s heritage, and its contribution to the company’s survival. It also would highlight Chrysler’s continued importance to a domestic auto industry that itself is feeling its way toward recovery from its collapse just two years ago.

Toledoans must not succumb to the dangerous notion that the local economy will do just fine once U.S. automakers resume their previous dominance. The days of the “Big Three” are gone for good, and northwest Ohio must do much more to diversify its economy and reduce its previous overreliance on the production of autos and auto parts.

Still, a broader role for Toledo in Chrysler’s export and new-product plans would deliver a sizable jolt to local economic growth and job creation. How about it, Mr. Marchionne?

http://toledoblade.com/

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