FIAT 500, FIAT 500L, Fiat 500X AND FIAT 500 ABARTH SPECS
* 2022-20 Fiat 500 EV Electric Full Specifications * 2022-19 Fiat 500X Full Specifications * 2019 Fiat 500 and 500 Abarth Full Specifications * 2018 Fiat 500 and 500C Abarth Full Specifications * 2017 Fiat 500 and 500C Abarth Full Specifications * 2017 Fiat 500 and 500C Full Specifications * 2017 Fiat 124 Spider and Abarth Full Specifications * 2016 Fiat 500X Full Specifications * 2016 Fiat 500X Full Features and Options * 2016 Fiat 500 Abarth and Cabrio Specifications * 2016 Fiat 500, 500 Turbo and 500c Specifications * 2015 Fiat 500, 500 Turbo and 500c Specifications * 2015 Fiat 500 Abarth Specifications * 2015 Fiat 500L Specs * 2014 Fiat 500, 500 Turbo and 500c Specifications * 2014 Fiat 500 Abarth and 500 Abarth Cabrio Specs * 2014 Fiat 500L Specs * 2013 Fiat 500, 500 Turbo and 500c Specifications * 2013 Fiat 500 Abarth Specs * 2013 Fiat 500e Specs * 2013 Fiat 500 Accessory Catalog * 2012 Fiat 500 Brochure * 2012 Fiat 500 Complete Specs * 2012 Fiat 500 Quick Specs * 2012 Fiat 500 Accessory Catalog * 2012 Fiat 500 Features * 2012 Fiat 500 Abarth Specs * 2012 Fiat 500 Abarth Features
Search This Site
Wednesday, May 25, 2011
Fiat Increases Ownership of Chrysler
Following closing of the refinancing of Chrysler’s debt and repayment by Chrysler of its debt to the U.S. and Canadian governments, Fiat increases its interest in Chrysler
Concurrently with the closing of the refinancing of Chrysler’s debt and the full repayment by Chrysler of its debt to the U.S. and Canadian governments today, Fiat has consummated the exercise of its option to purchase an incremental 16% interest in Chrysler, pursuant to the terms of the arrangements announced on April 21, 2011.
In exchange for a cash consideration of US$ 1,268 million, Chrysler has issued to Fiat 261,225 new class A membership interests in Chrysler, increasing Fiat’s aggregate ownership interest by 16% (on a fully-diluted basis).1
Turin May 24, 2011
1. This percentage gives effect to the dilution of the Class A Interests held by all members (including Fiat) arising from the occurrence of the final Performance Event (or “Class B Event”) contemplated by the LLC Operating Agreement of Chrysler (the “Ecological Event”). The additional interest without giving effect to the final Class B Event is 17.23%, which will be diluted to 16% upon the occurrence of the Ecological Event.
2. Fiat’s interest in Chrysler may further increase by an additional 5% (subject to dilution of any Class A Interests then held by Fiat) upon achievement by Chrysler of the Ecological Event. Fiat may also purchase an additional 5% interest in Chrysler (subject to dilution of any Class A Interests then held by Fiat) in substitution of the increase associated with the Ecological Event (the “Alternative Call Option”).
Fiat has an option to purchase 40% of the VEBA’s interest in Chrysler issued to the VEBA as of June 10, 2009 (the “Covered Interest”), which option may be exercised from July 1, 2012 until June 30, 2016, semi annually, in tranches not exceeding, for each exercise, 20% of the Covered Interest (the “VEBA Call Option”).
Exercise price for both of these options is determined before an IPO occurs using a market multiple (average of multiples of certain automotive companies, not to exceed Fiat’s multiple) applied to Chrysler reported EBITDA for the most recent four quarters less net industrial debt and if an IPO has occurred based on market price of common stock.
In addition Fiat has a right to purchase the entire interest held in Chrysler by UST (the “UST Call Option”), which may be exercised in the twelve months following the repayment of Chrysler’s debt to U.S. and Canadian governments. Before an IPO occurs the exercise is price based on a determination of the equity value of Chrysler to be agreed upon between Fiat and UST or, absent agreement, established by the average of the closest estimated values determined by two of three investment banks appointed by the parties. If an IPO has occurred exercise price is based on market price of common stock.
The relevant agreements are available at the Internet site of the United States Department of Treasury(here) and as Exhibits to Chrysler’s filings with the Securities Exchange Commission (here).