DETROIT (Reuters) - Chrysler Group LLC reported its first quarterly profit since the company emerged from a U.S.-funded bankruptcy nearly two years ago and came under the management control of Italian automaker Fiat SpA
Chrysler also gave further details on its refinancing of $7.5 billion of loans owed to the United States and Canada stemming from its 2009 bailout.
Continue Reading Below
Its first-quarter net income came to $116 million, compared with a net loss of $197 million a year earlier.
Revenue shot up 35 percent to $13.1 billion, spurred by the company's 16 revamped models, including the Grand Cherokee and the Chrysler 300.
The company reported an operating profit of $477 million in the first quarter, compared with $143 million a year earlier.
It also said on Monday that it would borrow $3.5 billion in a senior secured six-year term loan and $2.5 billion in secured bonds, that will have eight- and ten-year maturities.
The company plans to use the term loan, bonds and $1.3 billion in cash from Fiat to refinance its government loans during the second quarter.
The company also confirmed plans to secure a $1.5 billion five-year revolving credit facility, as sources previously told Reuters.
In the past two years, the company overhauled its vehicle lineup. The company has also built some renewed buzz for its flagship brand with a Super Bowl ad, bearing the tagline "Imported from Detroit."
Sergio Marchionne, chief executive of both Chrysler and Fiat is pushing Chrysler to earn net income of as much as $500 million this year.
(Reporting by Deepa Seetharaman; Editing by Derek Caney)