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Wednesday, July 29, 2009
Fiat raises $1.78 billion in 5 day bond sale.
In an indication of the faith people have in Fiat's management and vision during these economic hard times, Fiat, yesterday, announced the closing of its recently issued € 1.250 billion ($1.78 billion) Senior Notes due in 2012. The offering was extremely successful and drew more than €10 billion ($14 billion) in orders from investors for the €1.25 billion three-year bond. The bond was issued to help Fiat refinance debt.
The bond sale was so successful Fiat is expected to offer more latter in the year. It shows investors are confident in Fiat's ability to weather the financial downturn and emerge strong.