Adient sets roadshow for $750 million seven-year secured notes; initial talk 7%-7½%

By Paul A. Harris

Portland, Ore., April 22 – Adient US LLC plans to hold a roadshow on Tuesday and Wednesday for a $750 million offering of seven-year senior secured notes (Ba2/BB-), according to market sources.

The deal, which is set to price at the conclusion of that roadshow, is in the market with initial guidance of 7% to 7½%, a trader said.

BofA Merrill Lynch is the left bookrunner for the Rule 144A for life offering. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays and Credit Agricole CIB are the joint bookrunners.

Deutsche Bank Securities Inc., ING Financial Markets LLC, Loop Capital Markets LLC, MUFG and U.S. Bancorp Investments Inc. are the co-managers.

The notes come with three years of call protection.

A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also feature a 101% poison put.

The Plymouth, Mich.-based automotive seating company plans to use the proceeds, together with new bank debt, to repay debt under its existing credit agreement in full and for general corporate purposes.

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