Fiat Chrysler Automobiles NV (FCHA.MI) (FCAU.N) said it had priced an offering of 87 million common shares at $11.00 each as the carmaker seeks funds to cut debt and pay for an ambitious investment plan.

FCA is also offering $2.5 billion of mandatory convertible securities due 2016 with a coupon of 7.875 percent per annum. These securities will be converted at a rate of 7.7369 to 9.0909 common shares, the company said in a statement.

The mandatory convertible securities will be issued in denominations of $100 each and will be converted into FCA common shares on Dec. 15, 2016, it said.

J.P. Morgan, Goldman Sachs, Barclays, UBS, Citigroup, BofA Merrill Lynch and Morgan Stanley are acting as joint bookrunning managers for both offerings.