By WSJ Staff
Fiat Chrysler Automobiles NV said it priced an offering of 87
million common shares at $11 apiece.
The auto maker's shares closed at $11.47 on Wednesday in New
York.
Fiat Chrysler's moves are aimed at raising fresh capital to pay
down debt and bankroll a costly new-model development plan.
Underwriters in the offering have the option to purchase up to
an additional 13 million common shares from the company, Fiat
Chrysler said in a statement.
The auto maker also said late Wednesday it priced an offering of
$2.5 billion in mandatory convertible securities due 2016. The
securities will pay a coupon of 7.875% annually, Fiat Chrysler
said.
The underwriters in this offering have the option to purchase up
to an additional $375 million of the securities, the company
said.
Fiat Chrysler said that it intends to use the net proceeds from
the two offerings for general corporate purposes.
J.P. Morgan, Goldman Sachs, Barclays, UBS, Citigroup, BofA
Merrill Lynch and Morgan Stanley are acting as joint book-running
managers of the share offering, Fiat Chrysler said.
Goldman Sachs, J.P. Morgan, Barclays, UBS, Citigroup, BofA
Merrill Lynch and Morgan Stanley are acting as joint book-running
managers of the securities offering, the auto maker said.
The offerings follow Fiat Chrysler's listing on the New York
Stock Exchange in October and are part of a broader capital-raising
effort that includes an initial public offering of luxury sports
car maker Ferrari next year.
Christina Rogers contributed to this article
Write to copydesk@dowjones.com
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