Associated Press 06.15.07, 1:36 PM ET - - DaimlerChrysler Co. LLC said Friday it launched a cash tender offer to buy outstanding Auburn Hills 12.375 percent trust guaranteed exchangeable certificates due 2020 and debentures due 2020, which will be issued on Thursday.
On Thursday, all outstanding certificates will be exchanged for an equal amount of debentures issued by the company, DaimlerChrysler (nyse: DCX - news - people ) Co. said. There currently is $225 million principal amount of the outstanding certificates.
The tender offer will expire on July 13 unless extended, the company said. The tender offer and consent solicitation are being made in connection with a contribution agreement signed May 14 between DaimlerChrysler AG, DaimlerChrysler North America Finance Corp., DaimlerChrysler Holding Corp. and an affiliate of Cerberus Capital Management LP.
J.P. Morgan Securities Inc. is the dealer manager for the tender offer and consent solicitation.
Shares of DaimlerChrysler AG rose $1.53 to $92.07 in afternoon trading.
Monday, June 18, 2007
DaimlerChrysler Starts Certificate Offer
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