Fiat to raise zl. 1 billion in CP issue
Last week Fiat Polska and Fiat Bank Polska signed a five-year commercial paper facility with ING Barings Warsaw. The Dutch bank will act as the lead arranger of the issue, with Citibank (Poland) and Bank Handlowy acting as sub agents.
Fiat's worldwide group is backing the issue, said Eli Leenaars, country manager for ING Barings Warsaw. The papers have a maturity of one, three and six months and will begin to be issued this September.
Fiat claims that its issue is the largest commercial paper program done so far in Poland. The largest program to date was a zl. 800 million ($232 million) issue arranged by Bank Handlowy for Telekomunikacja Polska (TPSA), said Dorota Rewers, senior manager in debt origination with Societe Generale.
Unlike commercial paper issues here in the past, no bank will underwrite Fiat's program, sources said. Instead the issue will only be successful if it attracts enough interest from outside investors. Fiat has 14 subsidiaries operating in Poland that employ a total of 16,000. The entire group reported sales of zl. 6.7 billion ($2.1 billion) here last year.
Fiat's worldwide group is backing the issue, said Eli Leenaars, country manager for ING Barings Warsaw. The papers have a maturity of one, three and six months and will begin to be issued this September.
Fiat claims that its issue is the largest commercial paper program done so far in Poland. The largest program to date was a zl. 800 million ($232 million) issue arranged by Bank Handlowy for Telekomunikacja Polska (TPSA), said Dorota Rewers, senior manager in debt origination with Societe Generale.
Unlike commercial paper issues here in the past, no bank will underwrite Fiat's program, sources said. Instead the issue will only be successful if it attracts enough interest from outside investors. Fiat has 14 subsidiaries operating in Poland that employ a total of 16,000. The entire group reported sales of zl. 6.7 billion ($2.1 billion) here last year.
