| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item |
BorgWarner gives pricing, early results of tender offers for two notes
By Marisa Wong
Los Angeles, Sept. 12 – BorgWarner Inc. announced the pricing and early results of its Aug. 28 tender offers to purchase for cash debt securities from two series for an aggregate total consideration of up to $500 million (excluding interest).
As of 5 p.m. ET on Sept. 11, the early tender date, holders had tendered the following series, listed in order of acceptance priority level with the total considerations per $1,000 principal amount:
• $114,975,000 of the $500 million outstanding 3.375% senior notes due 2025 (Cusip: 099724AJ5), for $967.59, based on the 4.75% U.S. Treasury due July 31, 2025 and a fixed spread of 60 basis points; and
• $318,599,000 of the $775,896,000 outstanding 5% senior notes due 2025 (Cusip: 099724AM8, U0560UAA0), for $985.58, based on the 4.75% U.S. Treasury due July 31, 2025 and a fixed spread of 70 bps.
For each series, the total consideration includes an early tender payment of $50 per $1,000 principal amount of notes tendered by the early tender date.
The company will also pay accrued interest.
Pricing was determined at 9 a.m. ET on Sept. 12.
All notes tendered by the early deadline will be accepted for purchase without proration. Early settlement will be on Sept. 14.
The company previously said it may increase, decrease or eliminate the aggregate tender cap at any time without extending the withdrawal deadline, which has passed. As a result, the company advised that holders not tender any securities that they do not wish to be accepted in a tender offer.
The tender offers will expire at 5 p.m. ET on Sept. 26.
Final settlement is slated for Sept. 28.
Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) is the dealer manager for the tender offers. Global Bondholder Services Corp. (212 430-3774 or 855 654-2015) is the tender and information agent.
BorgWarner is an automotive supplier based in Auburn Hills, Mich.
© 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.