Seating supplier Adient said it was raising US$500m with an issue if senior secured notes due 2025 in a private offering.
"Adient intends to use the net proceeds from this offering to increase cash on hand and for other corporate purposes," it said in a statement without mentioning coronavirus related liquidity.
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In a separate statement on preliminary fiscal Q2 earnings, Adient reported a c. US$100m negative impact stemming from the Covid-19 crisis.
Second quarter revenue was down 16% to US$3.5bn.
Second quarter EBITDA was expected to be between US$200m and US$210m (including Covid-19 impact), versus US$191m a year ago.
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