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March 18, 2010

US: Lear files to SEC as it looks to refinance

Seating specialist Lear Corporation has submitted a regulatory filing with the US Security and Exchange Commission as it looks to refinance.

Seating specialist Lear Corporation has submitted a regulatory filing with the US Security and Exchange Commission as it looks to refinance.

Although not revealing the amount, US reports indicate it could be in the region of US$450m following Lear’s emergence from Chapter 11 bankruptcy.

“We are not really looking to raise new capital, we are looking to refinance our balance sheet,” a Lear spokesman told just-auto from Michigan. “We will replace our near-term debt with longer-term debt.

“Now we are in a much stronger position and the market has improved. We did not provide timings but it is a priority and it will be imminent.”

Lear filed for bankruptcy in July last year and on 9 November emerged from Chapter 11 with substantially lower total debt obligations and an improved credit profile.

Around 70% of Lear’s 2009 net sales were generated outside North America.

 

 

 

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