Adient gives early result for tender offer for 7% notes due 2026

By Rebecca Melvin

Concord, N.H., March 29 – Adient plc’s Adient US LLC announced the early tender results for its tender offer for up to $640 million of its $800 million outstanding 7% senior first-lien notes due 2026 (Cusip: 00688JAA5), according to a press release.

As of the early tender deadline of 5 p.m. ET on March 26, the offer was oversubscribed by $8.4 million of bonds.

The offer is subject to the March 15 offer to purchase including a tender cap and proration if required.

The notes tendered and not accepted for purchase will be promptly returned to the tendering holders, and no notes will be accepted for purchase after the early tender time.

As previously reported, the company is offering a total consideration of $1,070 per $1,000 note, including a $50 early tender payment. Early settlement is expected to occur on Tuesday.

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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