Fiat Chrysler subsidiary terminates undrawn $1.3 billion revolver

By Tali Rackner

Norfolk, Va., Nov. 20 – Fiat Chrysler Automobiles NV subsidiary FCA US LLC issued a notice to terminate its undrawn $1.3 billion revolving credit facility, according to a press release.

The revolver would have matured in May 2016 and is being replaced by a tranche of the €5 billion syndicated revolving credit facility entered into in June.

The second of the revolver’s two €2.5 billion tranches will become available upon the elimination of the contractual restrictions under the FCA US financing documentation on the provision of guarantees and payment of dividends by FCA US for the benefit of the rest of the group, which is expected to occur in the first half of next year, the release said.

Fiat Chrysler is a London-based automaker. FCA US is an automaker based in Auburn Hills, Mich.

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