SOUTHFIELD, Mich., Aug. 8,
2017 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a leading
global supplier of automotive seating and electrical systems, today
announced that it has entered into a new credit agreement to
refinance its existing credit facilities. The new credit agreement
consists of a $1.75 billion revolving
credit facility and a $250 million
term loan facility. Lear initiated these financing actions to
extend the maturity of its existing agreement, increase its
financial flexibility and take advantage of attractive market
conditions.
The revolving credit facility and the term loan facility will
mature on August 8, 2022. In
addition, the new credit agreement contains revised covenants,
providing Lear with greater operating flexibility than its previous
credit facility.
Lenders under the new credit agreement include JPMorgan Chase
Bank, N.A., HSBC Securities (USA),
Inc., Bank of America, Barclays Bank PLC and Citibank, N.A.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding anticipated financial results
and liquidity. The words "will," "may," "designed to," "outlook,"
"believes," "should," "anticipates," "plans," "expects," "intends,"
"estimates," "forecasts" and similar expressions identify certain
of these forward-looking statements. The Company also may provide
forward-looking statements in oral statements or other written
materials released to the public. All statements contained or
incorporated in this press release or in any other public
statements that address operating performance, events or
developments that the Company expects or anticipates may occur in
the future are forward-looking statements. Factors that could cause
actual results to differ materially from these forward-looking
statements are discussed in the Company's Annual Report on Form
10-K for the year ended December 31,
2016, and its other Securities and Exchange Commission
filings. Future operating results will be based on various factors,
including actual industry production volumes, commodity prices and
the Company's success in implementing its operating strategy.
The forward-looking statements in this press release are made as
of the date hereof, and the Company does not assume any obligation
to update, amend or clarify them to reflect events, new information
or circumstances occurring after the date hereof.
About Lear
Lear Corporation was founded in Detroit in 1917 as American Metal
Products. In 2017, the Company will celebrate its 100th year
anniversary. Lear is one of the world's leading suppliers of
automotive seating systems and electrical distribution systems
(E-Systems). Lear serves every major automaker in the world,
and Lear content can be found on more than 400 vehicle
nameplates. Lear's world-class products are designed,
engineered and manufactured by a diverse team of approximately
156,000 employees located in 38 countries. Lear currently
ranks #151 on the Fortune 500. Lear's headquarters are in
Southfield, Michigan. Further
information about Lear is available at http://www.lear.com or
follow us on Twitter @LearCorporation.
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SOURCE Lear Corporation