Published on Fake Ben - The Secret Diary of Ben Bernanke (http://www.fakeben.com)
Chrysler At 20%
By FakeBen
Created 04/10/2008 - 17:29

DETROIT, April 10 (Reuters) - Several hundred million dollars of loans to Chrysler LLC have been sold off by one of its underwriters at a deep discount, reflecting the mounting pressure on both the struggling automaker and its bankers since a $7.4-billion deal to take it private last year.

The sale of Chrysler by Daimler AG (DAIGn.DE: Quote, Profile, Research) to Cerberus Capital Management was funded in part by a $7-billion term loan that was led by J.P. Morgan, Bear Stearns, Goldman Sachs, Citi and Morgan Stanley...

With the steep discount, the yield on the share of the Chrysler loan that sold was more than 20 percent.

http://www.reuters.com/article/marketsNews/idINN1034417320080410?rpc=44 [1]


Source URL: http://www.fakeben.com/node/192

Links:
[1] http://www.reuters.com/article/marketsNews/idINN1034417320080410?rpc=44