TRW completes $259 million offering, including exercised greenshoe

By Marisa Wong

Milwaukee, Nov. 20 - TRW Automotive Holdings Inc. announced that the underwriters of subsidiary TRW Automotive Inc.'s recently announced offering of 3.5% exchangeable senior notes due 2015 exercised the $33.75 million over-allotment option in full, increasing the size of the offering to $259 million.

The Rule 144A sale settled on Friday, according to a news release.

TRW priced $225 million of six-year exchangeables on Nov. 16 to yield 3.5% with an initial conversion premium of 35%.

J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the joint bookrunners. Co-managers are Calyon, Nomura, Scotia Capital and UBS.

Net proceeds are estimated at $251 million. The subsidiary plans to use $112 million of the net proceeds to repay borrowings under its existing term loan facilities and to use the remaining proceeds for general corporate purposes.

TRW is an automotive supplier based in Livonia, Mich.

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