Chrysler Hires Banks For $7B Debt Revamp

Chrysler Group is set to launch a debt refinancing package to repay its U.S. and Canadian government loans.

Chrysler Group is set to launch a debt refinancing package to repay its U.S. and Canadian government loans, Reuters reports. The company has appointed Goldman Sachs, Morgan Stanley, Citigroup and Bank of America to lead the deal. The package will replace all of the company’s nearly $7 billion government loans with term loans and bonds. The banks will also arrange a revolving credit facility for the automaker’s future liquidity purposes that will not be used for paying down government loans.

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