Autoliv plans remarketing of 8% notes due 2014, may raise $108 million

By Susanna Moon

Chicago, March 2 - Autoliv, Inc. plans to reset the interest rate on its 8% senior notes due April 30, 2014 under a remarketing of the notes beginning March 12 that is expected to raise about $108 million.

The interest rate of the notes will be reset on March 15. The maturity date will remain unchanged.

The notes are associated with the equity units that Autoliv issued on March 30, 2009.

The remarketing provides an opportunity for debt investors to invest in Autoliv as well as an opportunity for Autoliv to lower its cost of borrowing, according to a company press release.

Corporate units, treasury units and related 8% senior notes due 2014 will be affected by the remarketing, the release noted.

For up to three business days from March 12, Morgan Stanley & Co. LLC as remarketing agent will attempt to remarket the senior notes.

Stockholm's Autoliv is a supplier of automotive safety systems.

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