MILWAUKEE (AP) -- Harley-Davidson Inc. plans to use $1 billion from recently sold bonds for its financial services arm.
Harley-Davidson Financial Services makes loans to customers and dealers, spokesman Bob Klein said.
Harley-Davidson agreed to sell the bonds on May 15, according to documents filed Wednesday with the Securities and Exchange Commission.
The company has raised such money from time to time, Klein said, sometimes through bonds or by bundling loans into securities that are sold to investors.
Shares of Harley-Davidson rose 20 cents, or 0.51 percent, to close at $39.05 Thursday. They have traded in a 52-week range of $34.10 to $64.44.
The company is facing a tough U.S. sales market as customers grapple with higher fuel prices and a weakening economy.
In the most recent quarter, domestic sales fell nearly 13 percent, as the overall U.S. heavyweight motorcycle market dropped 14 percent. The Milwaukee-based company has about half of the U.S. market.
The company said last month it will cut its work force by 8 percent and trim bike shipments by the thousands.
It also cut its guidance for 2008, saying it expected earnings to decline by 15 percent to 20 percent. Previously it predicted growth of as much as 7 percent.Add to Technorati Favorites
Marin Independent-Journal, CA - A Hells Angels associate shot to death in Marin last weekend was identified Monday as William Crompton Maclean, 25, of San Leandro. The investigation into Maclean's death continued Monday as police looked for the red sport-utility vehicle that raced away after the homicide. The sheriff's department was still trying to determine whether the shooting was related to the motorcycle association's activities, or whether some other motive was at play, said sheriff's Sgt. Keith Boyd. "At this point, we don't have any indication as to a motive and we're investigating any possibilities as to why this occurred," Boyd said. Maclean was shot about 8:15 p.m. Saturday while riding in a white Chevy pickup truck that was leading a procession of Hells Angels motorcyclists through Marin to Sonoma County. Sheriff's investigators said someone in a red SUV, possibly a Dodge Durango, opened fire on the Chevy pickup on northbound Highway 101 between Tiburon Boulevard in Mill Valley and the Paradise Drive exit in Corte Madera. Maclean was struck in the upper body. The driver of the pickup truck, a member of the motorcycle club, veered off the freeway at Paradise Drive and called 911 from the pay phone at California Highway Patrol headquarters in Corte Madera. Maclean was rushed to Marin General Hospital, where he was pronounced dead. Maclean was one of about 200 mourners who attended memorial services Saturday afternoon for Carl "J.R." Serrano, a member of the Hells Angels Motorcycle Club Frisco chapter in San Francisco. Serrano, 56, who died of cancer May 4 while in prison, was buried in Colma on Saturday. The Hells Angels rode in processions that day before Maclean's contingent headed north. Anyone who saw the red SUV or the white Chevy pickup truck on northbound Highway 101 between 7:30 and 8:20 p.m. Saturday may call the sheriff's investigations unit at 499-7265. The red SUV might have damaged windows.Add to Technorati Favorites