TRW Automotive's Lucas subsidiary gets tenders for more than 75% of 10 7/8% bonds

By Jennifer Chiou

New York, Jan. 18 - TRW Automotive Holdings Corp.'s wholly owned subsidiary, Lucas Industries Ltd., announced it received tenders and consent from holders of at least 75% of its £94.6 million of 10 7/8% bonds due 2020 and will proceed with its repurchase offer.

The company said it will repurchase the bonds at 143% of the principal amount plus accrued interest. Bondholders who delivered consents before the offer's expiration at noon ET on Jan. 17 will receive another 2% of the principal amount.

The company solicited consents to authorize the appointment of a proxy for a Feb. 1 bondholders' meeting to vote in favor of allowing Lucas to repurchase the tendered bonds and obligating Lucas to redeem bonds that are not tendered.

The repurchase offer is conditional upon tenders and consents from holders of at least 75% of outstanding bonds.

TRW previously said it intends to fund the bond repurchase with a combination of cash and existing credit facilities on Feb. 2.

Dresdner Kleinwort Wasserstein is the financial adviser and dealer manager.

The Livonia, Mich., company provides advanced technology products and services for the automotive markets. It launched the offer on Jan. 9.

© 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.