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Fiat Industrial will sell up to $3B of bonds to refinance loan, sources say

Sources say that Fiat Industrial S.p.A. plans to sell up to 2.2 billion euros ($3 billion) of bonds to refinance a loan arranged in December. Fiat Industrial, the trucks and tractors unit, was separated from Fiat S.p.A. earlier this month.

The sources also said that Fiat Industrial could sell the bond as early as this month and that Fiat’s eight loan arrangers are working on the sale.

As part of a plan to focus on car production, Fiat completed a separation of its industrial operations this month.

Read the entire article Fiat Industrial will sell up to $3B of bonds to refinance loan, sources say

U.S. Department of Energy gets complaints due to delays in loan approvals

Since the $25 billion Advanced Technology Vehicles Manufacturing Loan program was launched in September 2008, the Department of Energy has awarded less than $8.5 billion.

This is why automakers, suppliers, start-up companies and members of Congress have become frustrated that the government has not distributed billions of dollars in loans meant to develop the next generation of clean, fuel-efficient vehicles. More than 100 applicants initially requested about $42.7 billion from the program.

In fact, some applications for the low-cost government loans that were submitted two years ago have not been approved. Several projects have collapsed and some small companies are hanging on to the hope that the money arrives in time. Some loans take seven months more to close after getting approval.

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Geely seeking at least $1 billion in loans from Chinese banks for Volvo deal

At least three major Chinese banks have Geely back as it pursues its bid for Ford Motor Co. Volvo unit. Geely has already been named the preferred bidder but for the agreement to proceed, Ford had asked about Geely financing plans.

Sources say that banking sources are the least of Geely problems as so far, Bank of China, China Construction Bank and Export-Import Bank of China had agreed to extend loans to Zhejiang Geely Holding Group. Export-Import Bank of China is a policy lender wholly owned by the Chinese government and directly led by the cabinet.

Bank of China is China's top foreign exchange lender. Lastly, China Construction Bank is the country's No.1 property lender. Sources add that Geely is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid.

Read the entire article Geely seeking at least $1 billion in loans from Chinese banks for Volvo deal

Toyota extending no-interest loans and discount leases in the U.S.

To hang on to sales gains, Toyota Motor Corp.'s no- interest loans and discount leases will be extended for one more month (until May 3) on certain US models. These incentives were announced on March 2 and had been scheduled to expire on April 5. In addition, Toyota will expand an offer of two years of free maintenance.

The incentive list includes zero-percent financing for up to five years on 2010 Camry, Avalon, Corolla and Matrix cars; Highlander and RAV4 SUVs; and Tundra pickups. And instead of only repeat customers, all consumers are now eligible for the service plan.

In a statement, Bob Carter, group vice president and general manager of Toyota brand sales, confirmed the extension of this two-year complimentary maintenance program until April. Toyota is aiming to continue the 41% sales gains it recorded in the US in March. Year-on-year declines were recorded for the first two months of 2010.

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