US: TRW completes private offering

23 November 2009 | Source: just-auto.com editorial team

TRW Automotive has completed its previously announced private offering of 3.50% exchangeable senior notes due in 2015 and said underwriters fully exercised their option to purchase additional notes to cover over-allotments, resulting in a total sale of US$259m in aggregate principal amount of notes.

The company estimated that the net proceeds would be about US$251m and said it would use about $112m to repay borrowings under its existing term loan facilities and the rest for general corporate purposes, which may include additional repayment of debt.