TRW Automotive to use IPO proceeds to repay debt

New York, Nov. 14 - TRW Automotive Holdings Corp. said it will use proceeds from its initial public offering of common stock to repay long-term debt.

The Livonia, Mich., auto parts maker said it expects to receive $328 million from the IPO, based on the midpoint of the expected price range for the stock.

Debt to be repaid may include part of its $300 million 11% senior subordinated notes due 2013, €125 million 11¾% senior subordinated notes due 2013, $925 million 9 3/8% senior notes due 2013 and €200 million 10 1/8% senior notes due 2018.

The notes were issued by TRW Automotive Holdings' TRW Automotive Inc. subsidiary in February to help fund the leveraged buyout of the company by the Blackstone Group.

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