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CHRYSLER FINANCIAL EXTENDS CREDIT LINE

 CHRYSLER FINANCIAL EXTENDS CREDIT LINE
 HIGHLAND PARK, Mich., Aug. 18 /PRNewswire/ -- Chrysler Corporation


(NYSE: C) today announced that its wholly owned financial subsidiary, Chrysler Financial Corporation, has successfully completed negotiations with its 152 U.S. and foreign banks who have unanimously approved the extension of CFC's revolving credit facilities through August 1995.
 "Our bank support during this process has been critical, and we appreciate their expression of confidence in the future of Chrysler," said Chrysler Chairman Lee A. Iacocca.
 "This was a complex and difficult agreement to reach, but it couldn't have come at a better time," Iacocca added. "We have a lot of positive momentum going for us led by a superb new management team and the ongoing launches of all the all-new Jeep Grand Cherokee and our sensational new Chrysler Concorde, Dodge Intrepid and Eagle Vision mid- size sedans. Getting this behind us will allow us to focus on keeping the flow of outstanding new products coming."
 As anticipated, the amended agreement provides for phased reductions of approximately $2 billion over the life of the agreement from its current level of $6.8 billion in lending commitments, more restrictive covenants, security interests in CFC's U.S. assets and increases in borrowing rates and commitment fees.
 Chemical Bank served as the agent bank and Swiss Bank was managing co-agent for the amended bank agreement.
 -0- 8/18/92
 /CONTACT: Bob Heath of Chrysler Financial, 313-948-3890; or Steve Harris of Chrysler Corporation, 313-956-3164/
 (C) CO: Chrysler Corporation; Chrysler Financial Corporation ST: Michigan IN: AUT FIN SU:


ML -- DE002 -- 0812 08/18/92 08:58 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
Words:265
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