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Lear starts tender offer for $200 million of 3.8% notes due 2027
Chicago, Nov. 4 – Lear Corp. started a capped cash tender offer for up to $200 million of its $750 million outstanding 3.8% senior notes due 2027 (Cusip: 521865AY1), according to a press release.
The company will pay an amount that will be calculated using the 1.25% U.S. Treasury due Oct. 31, 2026 plus 65 basis points.
There is a $30 early tender premium for noteholders who tender their notes by the early tender time, 5 p.m. ET on Nov. 18.
Pricing will be set at 9 a.m. ET on Nov. 19. The par call date will be used unless the total consideration is less than par, in which case the maturity date will be used.
Noteholders who tender after the early date but before 11:59 p.m. ET on Dec. 3 expiration time will receive the total consideration minus $30.
Interest will be paid to the applicable settlement date.
Lear stated that it seeks to extend the average maturity of its long-term debt “during a time of favorable market conditions.”
Funding for the tender offer will come from a new offer of senior notes in two parts.
The early deadline is also the withdrawal deadline.
Settlement will be Nov. 22 for early tenders and Dec. 7 at the end of the offer.
Barclays (212 528-7581, 800 438-3242, us.lm@barclays.com), BofA Securities, Inc. (980 387-3907, debt_advisory@bofa.com) and Citigroup Global Markets Inc. (212 723-6106, ny.liabilitymanagement@citi.com) are the dealer managers.
Global Bondholder Services Corp. is the tender and information agent (contact@gbsc-usa.com, 212 430-3774, 866 470-3900).
Lear is a Southfield, Mich.-based manufacturer and distributor of automotive seating and electrical systems.
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