Fiat in €1 Billion Debt Deal
July 23, 2007
Cleary Gottlieb acted as Italian and U.S. counsel to issuer Fiat Finance North America, Inc. and guarantor Fiat S.p.A. in FFNA’s Reg. S offering of €1 billion in 5.625% Senior Notes due 2017. The notes were the first takedown from Fiat’s recently-updated €15 billion Reg. S/Rule 144A Global Medium Term Note Programme and the first major capital markets deal undertaken by FFNA in recent years. Cleary Gottlieb helped Fiat and its finance subsidiaries update the programme earlier this year, after having worked with them to reactivate the programme in 2006 following a several-year hiatus. The offering closed on June 12, with advantageous terms that demonstrate the European market’s continued appetite for Fiat debt.
Fiat, the parent company of one of Italy’s largest industrial groups, is engaged principally in the manufacture and sale of automobiles, commercial vehicles, agricultural and construction equipment, and other automotive-related products and systems. FFNA is a finance vehicle wholly owned by Fiat.