TRW Automotive sets price talk on $1.5 billion equivalent three-part note offering

By Paul A. Harris

St. Louis, March 12 - TRW Automotive Holdings Corp. has set price talk for its quick-to-market $1.5 billion equivalent three-part offering of notes (Ba3//BB-), according to market sources.

The Livonia, Mich., parts supplier to the automotive industry talked a $675 million tranche of seven-year senior notes at the 6 7/8% area.

Meanwhile TRW talked a €250 million tranche of seven-year senior notes at the 6 3/8% area.

The company also talked a $500 million tranche of 10-year senior notes at the 7 1/8% area.

Books close at 11 a.m. ET on Tuesday.

Lehman Brothers, Banc of America Securities LLC, Deutsche Bank Securities, Goldman Sachs & Co. and Merrill Lynch & Co. are joint bookrunners for the Rule 144A and Regulation S transaction.

All of the notes are non-callable and have make-whole calls at Treasuries plus 50 basis points.

Proceeds will be used to repurchase $825 million of 9 3/8% senior notes due 2013, €130 million of 10 1/8% senior notes due 2013, $195 million of 11% senior subordinated notes due 2013 and €81 million of 11¾% senior subordinated notes due 2013.

© 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.