Lear to redeem parts of 7 7/8% notes, 8 1/8% notes at 103 on Aug. 24

By Marisa Wong

Madison, Wis., July 24 - Lear Corp. plans to redeem portions of its 7 7/8% senior notes due 2018 and 8 1/8% senior notes due 2020 on Aug. 24, according to an 8-K filing with the Securities and Exchange Commission.

Lear will redeem 10% of the total principal amount of each series of notes at a price of 103 plus accrued interest to the redemption date.

All $350 million principal amount of 7 7/8% notes and $350 million principal amount of 8 1/8% notes issued in March 2010 remained outstanding as of July 24.

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