Chrysler 2004 Annual Report Download - page 121

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Consolidated Financial Statements at December 31, 2004 – Notes to the Consolidated Financial Statements
other companies and financial covenants which impose a maximum limit on further indebtedness by the CNH group companies
which can not exceed a specific ratio of cash flows to dividend payments and financial expenses. Such covenants are subject to
various exceptions and limitations and, in particular, some of these would no longer be binding should the bonds be assigned
an investment grade rating by Standard & Poor’s Rating Services and/or Moody’s Investors Service.
The major bond issues outstanding at December 31, 2004 are the following:
Face value Outstanding
of outstanding amount
bonds (in millions
Currency (in millions) Coupon Maturity of euros)
Euro Medium Term Notes:
Fiat Fin. North America EUR 100 5.13% Feb. 21, 2005 65
Fiat Finance & Trade EUR 155 Indexed July 5, 2005 155
Fiat Finance & Trade EUR 130 Indexed July 5, 2005 130
Fiat Finance & Trade EUR 500 6.13% Aug. 1, 2005 500
Fiat Finance & Trade EUR 300 6.13% Aug. 1, 2005 300
Fiat Finance & Trade GBP 120 7.00% Oct. 19, 2005 170
Fiat Finance & Trade (1) EUR 1,700 5.75% May 25, 2006 1,700
Fiat Finance Canada EUR 100 5.80% July 21, 2006 80
Fiat Finance & Trade (1) EUR 500 5.50% Dec. 13, 2006 500
Fiat Finance & Trade (1) EUR 1,000 6.25% Feb. 24, 2010 1,000
Fiat Finance & Trade (1) EUR 1,300 6.75% May 25, 2011 1,300
Fiat Finance & Trade (1) EUR 617 (2) (2) 617
Others (3) 430
Total Euro Medium Term Notes 6,947
Convertible bonds:
Fiat Fin. Luxembourg (4) USD 17 3.25% Jan. 9, 2007 13
Total Convertible bonds 13
Other bonds:
Fiat Finance & Trade JPY 40,000 1.50% June 27, 2005 287
CNH America LLC USD 218 7.25% Aug. 1, 2005 160
CNH Capital America LLC USD 127 6.75% Oct. 21, 2007 93
Case New Holland Inc. USD 1,050 9.25% Aug. 1, 2011 771
Case New Holland Inc. USD 500 6.00% June 01, 2009 367
CNH America LLC USD 254 7.25% Jan. 15, 2016 187
Total Other bonds 1,865
Total Bonds 8,825
(1) Bonds listed on the Mercato Obbligazionario Telematico of the Italian stock exchange (EuroMot). Furthermore, the majority of the bonds issued by the Fiat Group are also listed on
the Luxembourg stock exchange.
(2) “Fiat Step-Up Amortizing 2001-2011” bonds repayable at face value in five equal annual installments each for 20% of the total issued (617 million euros) due beginning from the sixth
year (November 7, 2007) by reducing the face value of each bond outstanding by one-fifth. The last installment will be repaid on November 7, 2011. The bonds pay coupon interest
equal to: 4.40% in the first year (Nov. 7, 2002), 4.60% in the second year (Nov. 7, 2003), 4.80% in the third year (Nov. 7, 2004), 5.00% in the fourth year (Nov. 7, 2005), 5.20% in the fifth
year (Nov. 7, 2006), 5.40% in the sixth year (Nov. 7, 2007), 5.90% in the seventh year (Nov. 7, 2008), 6.40% in the eighth year (Nov. 7, 2009), 6.90% in the ninth year (Nov. 7, 2010), 7.40%
in the tenth year (Nov. 7, 2011).
(3) Bonds with amounts outstanding equal to or less than the equivalent of 50 million euros.
(4) Bonds convertible into General Motors Corp. common stock.
The Fiat Group intends to repay the issued bonds in cash at maturity by utilizing available liquid resources. To this end, available
liquidity at the end of 2004 totals approx. 5.3 billion euros. The Fiat Group also has available unused committed credit lines for more
than 1.7 billion euros.
Moreover, the companies in the Fiat Group may from time to time buy back bonds on the market that were issued by the Group also
for purposes of their cancellation. Such buybacks, if made, will depend upon market conditions, the financial situation of the Group
and other factors which could affect such decisions.