AUBURN HILLS, MI – Chrysler Group LLC announced it has repaid the $7.6 billion in government loans from the U.S. and Canada after completing new refinancing transactions. The automaker said it has paid these loans six years ahead of schedule, plus payment of interest accrued and additional consideration.

“Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full and today we made good on that promise,” said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. “The loans gave us a rare second chance to demonstrate what the people of this Company can deliver and we owe a debt of gratitude to those whose intervention allowed Chrysler Group to re-establish itself as a strong and viable carmaker.

The new financing transactions consist of a loan term of $3 billion, debt securities of $3.2 billion, and a revolving credit facility of $1.3 billion. The automaker said the new financing terms will save the company an estimated $350 million a year in interest expenses, and that it has more than $10 billion in liquidity after the refinancing and loan payoffs, which includes the undrawn revolving credit facility. Paying back the loans, along with the financial community’s investment in our refinancing packages, marks another step in the Company returning as a competitive force in the global automotive industry.”