Lear accepts tenders for 91% of zero-coupon convertibles due 2022

By Jennifer Chiou

New York, June 14 - Lear Corp. announced it accepted tenders from holders of 91% of its zero-coupon convertible senior notes due 2022.

The offer ended at midnight ET on June 13. It began on May 16.

Lear said it paid $475.00 per $1,000 principal amount at maturity of notes for a $276.8 million purchase price.

Lear also solicited consents for proposed amendments to the note indenture to eliminate certain restrictive covenants in the indenture. The company said it executed a supplemental indenture.

The offer was conditioned upon consents from holders of a majority of the convertibles.

Merrill Lynch, Pierce, Fenner & Smith Inc. is dealer manager and solicitation agent (888 654-8637 or call collect 212 449-4914). Global Bondholder Services Corp. is the information agent and the depositary (866 857-2200 or call collect 212 430-3774).

Based in Southfield, Mich., Lear is a supplier of automotive interior systems and components.

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