Lear Corporation has completed a $US1.0bn term loan facility which it will use to refinance upcoming debt maturities.
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The term loan facility will mature in April 2012 and is in addition to the Company’s currently existing $1.7bn revolving credit facility.
“The new credit facility addresses Lear’s 2007 debt maturities and a portion of our 2008/2009 debt maturities,” said Lear chairman and chief executive officer Bob Rossiter.
“By addressing those debt maturities early, investors can be assured that the company is focused on improving our longer-term operating performance.”
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