Adient begins tender offer for up to $640 million 7% notes due 2026

Chicago, March 15 – Adient plc’s Adient US LLC launched a tender offer on Monday for up to $640 million of its $800 million outstanding 7% senior first-lien notes due 2026 (Cusip: 00688JAA5), according to a press release.

The company is offering a total consideration of $1,070 per $1,000 note. The total consideration includes a $50 early tender payment for noteholders who tender before the early deadline.

The early tender deadline is 5 p.m. ET on March 26.

Should the offer be oversubscribed the company will accept notes on a pro rata basis.

If the tender cap is exceeded by the early deadline, no notes will be repurchased after that deadline.

The offer expires at 11:59 p.m. ET on April 9.

Early settlement is expected for March 30, and final settlement is planned for April 13.

Tenders may be withdrawn before the early deadline.

The company is allowed to redeem up to $80 million of the notes before May 6 at 103 and an additional $80 million of notes, also at 103, for a year after the May 6 date. The company intends to exercise its right to do so.

Citigroup Global Markets Inc. is the dealer manager for the tender offer (800 558-3745, 212 723-6106).

Global Bondholder Services Corp. is the information agent and the depositary for the tender offer (212 430-3774, 866 470-3900).

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

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