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Tuesday, May 24, 2011
Chrysler Pays Back Government Loans Today
Chrysler will host a live ceremony today formally announcing it will repay the $7.5 billion in government loans it received 2 years ago. Chrysler will be able to repay the government by refinancing their debt at a lower interest rate and with sales of debt securities to institutional investors.
In doing so, Chrysler will save $300 million per year in interest by refinancing the loans at a lower rate.
Here is the breakdown: Chrysler will receive loans of $4.3 billion from financial institutions and will issue $3.2 billion in bonds. Additionally, Fiat will pay $1.3 billion.
The ceremony begins at 2:15 p.m. Watch it live below:
Read more here.
Official Chrysler press release:
Chrysler Group LLC Acknowledges Financial Support with Ceremony at Sterling Heights (Mich.) Assembly Plant
Chrysler Group LLC CEO Sergio Marchionne, Assistant to President Obama for Manufacturing Policy Ron A. Bloom, and Deputy Director of the National Economic Council Brian Deese will join government officials, UAW representatives and employees at the Sterling Heights Assembly Plant to formally acknowledge and express gratitude for the financial support from the U.S. and Canadian governments.
Sterling Heights Assembly Plant
38111 Van Dyke
Sterling Heights, Michigan 48312
Tuesday, May 24, 2011
Event begins at 2:15 p.m.
Media arrival time at 1:15 p.m.
Live webcast at: http://www.host4video.com/chrysler/may2411/
Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC
Ron A. Bloom, Assistant to President Obama for Manufacturing Policy
General Holiefield, Vice President and Director, UAW Chrysler Department
Scott Garberding, Senior Vice President and Head of Manufacturing, Chrysler Group LLC