Moody's: Chrysler HY Deal Lacks Standard Covenants

Sheahan, Matthew
May 2011
High Yield Report;5/16/2011, Vol. 22 Issue 20, p19
The article reports that Moody's Investors Service sees that the 2.5-billion U.S. dollar junk bond offering of Chrysler Group lacks protections considered normal for a bond deal with its rating. The automaker is selling 2.5 billion U.S. dollars in senior secured notes due 2019 and 2021 as part of a larger refinancing effort to help pay repay the 7.53 billion U.S. dollars it owes the U.S. and Canadian governments. It also secured a 3.5 billion U.S. dollar term loan and a 1.5 billion U.S. dollar revolver.


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