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Delphi to sell $1.1 billion notes to help fund stock repurchases
By Paul A. Harris and Sara Rosenberg
Portland, Ore., April 27 - Delphi Corp. plans to sell $1.1 billion of senior notes as part of its effort to fund $4.4 billion of stock repurchases, according to market sources.
The stock repurchases represent the stakes of General Motors Corp. and the Pension Benefit Guaranty Corp. in Delphi.
Another component of the debt financing, $1.4 billion of term loans, launched with a bank meeting on Wednesday. J.P. Morgan Securities LLC is the lead bank on the loan.
Delphi is a Troy, Mich.-based automotive electronics manufacturer.
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