Chrysler 2015 Annual Report Download - page 72

72 2015 | ANNUAL REPORT
Operating Results
These items were partially offset by:
(iv) proceeds from FCA’s issuance of U.S.$3,000 million (€2,840 million) total principal amount of unsecured senior
notes due in 2020 and 2023 (refer to the section —Capital Market below);
(v) proceeds from new medium-term borrowings for a total of €3,061 million which included the initial disbursement
received of €0.4 billion under the Mexico Bank Loan of €0.8 billion (U.S.$0.9 billion) as part of FCA Mexico’s
refinancing transaction completed in March 2015, proceeds from the €600 million loan granted by EIB and SACE
(refer to the section —Capital Market below) and other financing transactions, primarily in Brazil;
(vi) net proceeds from the Ferrari IPO as discussed in more detail in the section —History and Development of the
Company - Ferrari Spin-off above; and
(vii) net proceeds of €2.0 billion from the draw-down of the syndicated loan facilities entered into by Ferrari N.V. in
November 2015, included within Cash flows from financing activities - discontinued operations.
Financing Activities —Year Ended December 31, 2014
For the year ended December31, 2014, net cash from financing activities of €2,137 million was primarily the result of:
(i) net proceeds of €2,245 million from the issuance of mandatory convertible securities due 2016 and net proceeds
of €849 million from the offering of 100 million common shares;
(ii) proceeds from issuances of notes for a total amount of €4,629 million which included (a) approximately €2,556
million of notes issued under the GMTN Programme and (b) €2,073 million (for a total face value of U.S.$2,755
million) of secured senior notes issued by FCA US used to prepay the balance of FCA US’s financial liability to
the VEBA Trust (the “VEBA Trust Note”) that had been issued by FCA US in connection with the settlement of its
obligations related to postretirement healthcare benefits for certain UAW retirees;
(iii) proceeds from new medium-term borrowings for a total of €4,873 million, which included (a) the incremental term
loan entered into by FCA US of U.S.$250 million (€181 million) under its original tranche B term loan facility and (b)
the new U.S.$1,750 million (€1.3 billion) tranche B term loan, issued under a new term loan credit facility entered
into by FCA US to facilitate the prepayment of the VEBA Trust Note, and new medium term borrowings in Brazil;
and
(iv) a positive net contribution of €496 million from the net change in other financial payables and other financial assets
and liabilities.
These positive items, were partially offset by:
(v) the cash payment to the VEBA Trust for the acquisition of the remaining 41.5 percent ownership interest in FCA
US held by the VEBA Trust equal to U.S.$3,650 million (€2,691 million) and U.S.$60 million (€45 million) of tax
distribution by FCA US to cover the VEBA Trust’s tax obligation;
(vi) payment of medium-term borrowings for a total of €5,834 million, mainly related to the prepayment of all amounts
under the VEBA Trust Note amounting to approximately U.S.$5.0 billion (€3.6 billion), including accrued and
unpaid interest, and repayment of medium term borrowings primarily in Brazil;
(vii) the repayment at maturity of notes that had been issued under the GMTN Programme for a total principal amount
of €2,150 million; and
(viii) the net cash disbursement of €417 million for the exercise of cash exit rights in connection with the Merger.