US: Lear prices senior note offering
Author: Graeme Roberts | 24 March 2010
Lear Corporation on Wednesday said it priced an underwritten public offering of US$350m in aggregate principal amount of 7.875% senior notes due 2018, and $350m in aggregate principal amount of 8.125% senior notes due in 2020. The senior notes due 2018 were priced at 99.276% of par, resulting in a yield to maturity of 8.00%, and the senior notes due 2020 were priced at 99.164% of par, resulting in a yield to maturity of 8.25%.
Lear said it would use the net proceeds from this offering, together with its current cash and cash equivalents, to repay in full all amounts outstanding under term loans provided under its first and second lien credit facilities. The principal amounts outstanding are $375m and $550m, respectively. The offering is anticipated to close on 26 March, subject to market and other conditions.
Citigroup Global Markets, J.P. Morgan Securities, Barclays Capital and UBS Securities LLC are acting as joint book-running managers of the offering. Lear is making this offering following a statement filed with the Securities and Exchange Commission on 22 March, 2010.
Sectors: Components, Financial
Companies: Lear
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