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Published on 2/27/2015 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Delphi plans to redeem all $500 million 6.125% notes due 2021

By Marisa Wong

Madison, Wis., Feb. 27 – Delphi Automotive plc’s wholly owned subsidiary, Delphi Corp., plans to redeem for cash all $500 million of its outstanding 6.125% senior notes due 2021, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price includes a make-whole premium, plus any interest accrued to the redemption date.

The redemption is expected to occur on March 25 and is conditioned on the completion, prior to the redemption date, of a debt refinancing that would generate proceeds sufficient to fund the redemption.

Delphi is a vehicle components manufacturer based in Gillingham, England. Its subsidiary is based in Troy, Mich.


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