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BorgWarner says 97.04% tendered in final results for Delphi exchange
Chicago, Oct. 5 – BorgWarner Inc. announced that $776.3 million principal amount of Delphi Technologies plc’s outstanding 5% senior notes due 2025 (Cusip: 24718PAA5, U24754AA8) were tendered for exchange by the final deadline at 5 p.m. ET on Oct. 1, representing 97.04% of the $800 million outstanding, according to a news release.
As previously reported, BorgWarner was offering to issue new 5% senior notes due 2025 in exchange for any and all of the Delphi notes in connection with its proposed acquisition of Delphi.
BorgWarner also received the requisite number of consents from noteholders to amend the 2025 notes to eliminate substantially all of the restrictive covenants and events of default, with a few exceptions, and to eliminate the covenant relating to a change-of-control triggering event with respect to Delphi Technologies.
The amendments will become operative upon settlement of the exchange.
The total consideration is $1,000 of new BorgWarner notes. Noteholders who tendered by the early deadline will also receive a cash consideration of $1 per $1,000 principal amount of notes.
Holders who tendered their notes after the early tender deadline but on or prior to the expiration date will only be eligible to receive $970 of new notes per $1,000 of existing notes tendered, but not the cash consideration.
Settlement is expected to occur on or about Oct. 5.
The terms on the new BorgWarner notes are the same, in terms of the interest payment and maturity dates, interest rate and redemption provisions.
Global Bondholder Services Corp. (866 470-3800 or, for banks and brokers, 212 430-3774; https://gbsc-usa.com/eligibility/bwa) is the information agent.
BorgWarner is an Auburn Hills, Mich.-based manufacturer and seller of engineered automotive systems and components.
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