Lear to redeem in full 8 1/8% notes due 2020 with new note proceeds

By Marisa Wong

Madison, Wis., Nov. 18 – Lear Corp. said it intends to redeem the remaining outstanding principal amount of its 8 1/8% senior notes due 2020 using proceeds from an offering of new senior notes due 2025.

The company will also use proceeds from the new notes to finance its acquisition of Eagle Ottawa and for general corporate purposes.

The company’s board of directors has authorized the redemption of the 8 1/8% notes on or after March 15. The redemption is contingent on closing of the offering.

Lear is a Southfield, Mich.-based supplier of automotive seating and electrical distribution systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.