Seating specialist Lear Corporation has filed a registration statement with the Securities and Exchange Commission (SEC) to start a senior notes offering of US$700m.

The company says final terms of the offering will depend on market conditions.

Lear says it intends to use the net proceeds from the offering, together with its current cash and cash equivalents, to repay in full the amounts outstanding under its first lien credit facility and its second lien credit facility.

The principal amounts outstanding under the first lien facility and the second lien facility are $375m and $550m respectively.

Lear also announced that effective 19 March, it had entered into an amendment and restatement of its first lien credit facility providing for a new $110 million revolving credit facility.

This facility allows Lear to borrow for general corporate and working capital purposes and to issue letters of credit.  

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