SOUTHFIELD, Mich., Aug. 14, 2017 /PRNewswire/ -- Lear
Corporation (NYSE: LEA), a leading global supplier of automotive
seating and electrical systems, announced today that it intends to
commence an underwritten public offering of senior unsecured notes
due 2027. The terms of the offering will depend upon market
conditions and other factors.
The Company intends to use the net proceeds from the offering,
together with cash on hand, if necessary, to redeem the outstanding
$500.0 million aggregate principal
amount of the Company's 4.75% Senior Notes due 2023 (the "2023
Notes") at a price equal to 100% of the principal amount of such
2023 Notes plus accrued and unpaid interest and a "make-whole
premium." Any remaining proceeds will be used to repay
amounts outstanding under the Company's new revolving credit
facility and for general corporate purposes.
Barclays Capital Inc., Citigroup Global Markets Inc., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, HSBC Securities
(USA) Inc. and J.P. Morgan
Securities LLC are acting as joint book-running managers for the
bond offering. Lear is making this offering pursuant to a
shelf registration statement that became effective upon filing with
the Securities and Exchange Commission (the "SEC") on August 10, 2017. This offering will be made
solely by means of a prospectus and prospectus supplement, copies
of which may be obtained from Barclays Capital Inc. c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email at
barclaysprospectus@broadridge.com or telephone at 1-888-603-5847),
Citigroup Global Markets Inc. c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood,
NY 11717 (or by email at prospectus@citi.com or telephone at
1-800-831-9146), Merrill Lynch, Pierce, Fenner & Smith
Incorporated at 200 North College Street, NC1-004-03-43, Charlotte
NC 28255-0001, Attention: Prospectus Department (or by email
at dg.prospectus_requests@baml.com or telephone at 1-800-294-1322)
or through the SEC website at www.sec.gov.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
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 lear.com or follow
us on Twitter @LearCorporation.
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SOURCE Lear Corporation