SOUTHFIELD, Mich.,
Aug. 17, 2017 /PRNewswire/ -- Lear Corporation (NYSE:
LEA), a leading global supplier of automotive seating and
electrical systems, announced today that it has completed its
previously announced offering of $750
million aggregate principal amount of 3.80% senior unsecured
notes due 2027 (the "Offering"). The Offering follows the
closing of a new $2 billion credit
agreement announced August 8,
2017. The Company used the net proceeds from these
refinancing transactions to issue an irrevocable notice of
redemption to redeem $500 million
aggregate principal amount of the Company's 4.75% senior unsecured
notes due 2023, reduce borrowings under the term loan facility by
approximately $200 million, pay fees
and expenses in connection with such refinancing transactions and
for general corporate purposes. Following the refinancing
transactions, the Company has extended its maturity profile,
lowered its bond interest rate and increased its financial
flexibility.
"Our recently completed financing activity represents an
important first step in transitioning our debt structure to reflect
our investment grade ratings and profile," said Jeff Vanneste, the Company's senior vice
president and chief financial officer. "These transactions
take advantage of attractive market conditions and will allow Lear
to maintain one of the strongest balance sheets in the
industry."
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