Lear begins tender offer for up to $850 million of 8 1/8%, 8.11% notes

By Angela McDaniels

Seattle, Nov. 21 - Lear Corp. said it began a tender offer for up to $850 million principal amount of its 8 1/8% senior notes due 2008 and its 8.11% senior notes due 2009.

There are roughly €237 million and $593 million of the 8 1/8% notes and 8.11% notes outstanding, respectively, according to a company news release.

The tender offer will expire at midnight ET on Dec. 19.

The company will pay €1,045 per €1,000 principal amount of 8 1/8% notes and $1,055 per $1,000 principal amount of 8.11% notes tendered before 5 p.m. ET on Dec. 5.

Noteholders who tender after Dec. 5 will receive €1,025 per €1,000 principal amount of 8 1/8% notes tendered and $1,035 per $1,000 principal amount of 8.11% notes tendered.

Noteholders will also receive accrued interest.

Lear said the consummation of the tender offer is conditioned upon, among other things, completion of its $900 million private offering and other customary closing conditions.

Citigroup Corporate and Investment Banking (800 558-3745 or 212 723-6106) is the dealer manager for the tender offer, and Global Bondholder Services Corp. (866 873-5600 or 212 430-3774) is the information agent and depositary. The company also retained Dexia Banque Internationale a Luxembourg to be depositary for the 8 1/8% notes.

Lear is an automotive components supplier based in Southfield, Mich.

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