Powertrain specialist BorgWarner has completed its public offering of 3.50% convertible senior notes due in 2012 and estimated net proceeds would be about $362.2m.
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The supplier will use approximately $25.2m of this to pay the net cost of convertible note hedge and warrant transactions and the rest “for general corporate purposes, including the repayment of short-term indebtedness”, it said in a statement.
Underwriters fully exercised their option to purchase additional notes to cover over-allotments, resulting in a total sale of $373.75m in aggregate principal amount of notes, the company added.
