MILAN (Bloomberg) -- Fiat Industrial S.p.A., the trucks and tractors unit that was separated from Fiat S.p.A. earlier this month, is planning to sell as much as 2.2 billion euros ($3 billion) of bonds to refinance a loan arranged in December, according to two people familiar with the matter.
Fiat Industrial may sell the bond as early as this month, said the people, who asked not to be named as the talks are private.
The Italian carmaker's eight loan arrangers are working on the sale, the sources said. A Fiat Industrial spokesman declined to comment on the refinancing plan.
Fiat, which runs Chrysler, completed a separation of its industrial operations this month to focus on car production.
Fiat may tomorrow report fourth-quarter net income of 198 million euros from a 281 million-euro loss a year earlier on sales of cars in Brazil and Iveco trucks and Case New Holland tractors, according to the average of 12 analysts surveyed by Bloomberg.
The estimates were calculated before the spinoff. Barclays Plc, BNP Paribas SA, Credit Agricole CIB, Intesa Sanpaolo SpA, Societe Generale SA, Royal Bank of Scotland Group Plc, Citigroup Inc. and UniCredit SpA last month arranged a financing package of 4.2 billion euros for Fiat Industrial.
The package included a three-year 2 billion-euro revolving credit facility with a syndicate of 23 banks and a 2.2 billion-euro term facility with a maturity of one year and one-year extension at the company's option which was not syndicated.
The bond sale may be split into two tranches, one of the sources said.