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Chrysler Group repays $5 billion debt to VEBA trust

MILAN (Reuters) - Fiat Chrysler said on Monday that its Chrysler Group unit closed a deal to raise debt worth $5 billion to repay early an existing bond issued to healthcare trust VEBA.

Fiat reiterated that the refinancing would reduce debt-servicing costs by about $134 million between 2014 and 2016.

U.S. unit Chrysler, now merged into the new FCA Group, raised $1.375 billion and $1.38 billion dollars through two senior secured bonds maturing in 2019 and 2021 respectively, tapping two previous bond issues, the group said.

Chrysler also increased an existing 2017 senior loan facility by $250 million and signed a new $1.75 billion senior loan that matures in 2018.

(Reporting by Isla Binnie; Editing by David Goodman)

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