Aptiv plans $1 billion mandatory convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, June 8 – Aptiv plc is planning to offer $1 billion of mandatory convertible preferred shares, according to a news release on Monday.

The company is also planning a concurrent $1 billion offering of ordinary shares.

Each offering would carry a $150 million greenshoe, and neither would be conditioned upon the completion of the other.

Unless earlier converted, each mandatory convertible preferred share will automatically convert into a variable number of shares of the company's ordinary shares after three years.

Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are acting as joint lead bookrunning managers for the offerings. Barclays, BofA Securities Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are also acting as bookrunning managers.

BNP Paribas, SMBC Nikko and Societe Generale are acting as senior co-managers for the offerings.

Additionally, MUFG, TD Securities, UniCredit Capital Markets and U.S. Bancorp are co-managers for the preferred stock offering.

Proceeds would be used for general corporate purposes.

The technology and mobility company is based in Dublin, Ireland.

© 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.