SOUTHFIELD, Mich., Aug. 14, 2017 /PRNewswire/ -- Lear
Corporation (NYSE: LEA), a leading global supplier of automotive
seating and electrical systems, announced today that it priced an
underwritten public offering of $750
million in aggregate principal amount of 3.80% senior
unsecured notes due 2027. The offering is expected to close
on August 17, 2017, subject to market
conditions and other factors.
The Company expects the net proceeds from the offering to be
$738.5 million, after deducting the
underwriting discount and estimated offering expenses. The Company
intends to use a portion of the net proceeds from the offering to
redeem the outstanding $500 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 notes plus accrued and unpaid interest and a
"make-whole premium." The remaining net 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 is celebrating 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