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Adient plans $1.5 billion term loan, $2 billion notes for spin-off
By Sara Rosenberg
New York, June 27 – Adient Ltd. plans on getting a $1.5 billion five-year term loan and $2 billion of eight to 10-year bonds in connection with its spin-off from Johnson Controls Inc., according to a 10-12B/A filed with the Securities and Exchange Commission on Monday.
The $3.5 billion of loan and bond debt is estimated to have a weighted average interest rate of 4.1%.
Proceeds will be used to pay a $3 billion distribution to Johnson Controls, with the remaining $500 million in cash to be held by Adient.
London-based Adient is an automotive seating and interiors company.
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