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DaimlerChrysler Closes Deal With Cerberus
DaimlerChrysler today completed the closing for the transfer of a majority interest in the Chrysler Group and for the related financial services business in NAFTA to a subsidiary of Cerberus Capital Management, L.P., a private-equity company based in New York. A subsidiary of Cerberus takes over 80.1% in the Chrysler Holding LLC, while DaimlerChrysler retains a 19.9% interest, as announced in May 2007.

Basically, the conditions of the transaction and the economic effects have not changed since the agreement was signed on May 14, 2007. Furthermore, DaimlerChrysler and Cerberus have agreed to support the financing of the majority takeover of Chrysler by Cerberus in light of highly volatile US loan markets. Both companies will subscribe $2 billion of second lien debt for Chrysler’s automotive business, to be drawn within 12 months. DaimlerChrysler’s portion will be $1.5 billion. The debt will be priced at market conditions. One year after the closing, DaimlerChrysler has the right to sell this loan in the credit market. The maturity of this loan is 7 years.
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DaimlerChrysler Closes Deal With Cerberus



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chuck717chuck717 - 8/3/2007 3:48:47 PM
+1 BoostDrop the Boost Up the Boost
From MBZ to a capital management company in other words from a luxury penthouse owner to a basemant HOA firm, good luck Chrysler you need it?

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