Lear amends convertibles to pay put, change of control in cash only

New York, Aug. 26 - Lear Corp. said it amended its zero-coupon convertible senior notes due 2022 so that holders will receive cash only if they exercise the put or the change-of-control option.

Previously Lear had the option of paying cash, stock or a combination.

Lear said in an 8-K filing with the Securities and Exchange Commission that the amendment to the indenture is "consistent with Lear's previously disclosed intentions."

Regular conversions will continue to be for stock.

The Southfield, Mich., maker of seats and other automobile components sold $250.3 million proceeds of the securities in February 2002.

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