Aptiv to price fixed-rate senior notes due 2025, 2032, 2052

By William Gullotti

Buffalo, N.Y., Feb. 9 – Aptiv plc and Aptiv Corp. plan to price three series of fixed-rate senior notes due 2025, 2032 and 2052, according to a 424B5 filed with the Securities and Exchange Commission.

The offering is connected to Aptiv’s agreement to acquire Wind River Systems, Inc.

Each series of notes will feature a make-whole call and then a par call. The notes may also be redeemed in whole, but not in part, at any time for taxation reasons at par plus interest.

If the acquisition is not consummated by July 10, 2023, all of the 2032 and 2052 notes will be automatically called at 101 plus accrued and unpaid interest. The 2025 notes will not be subject to the special redemption condition.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are the joint bookrunning managers for the offering.

Proceeds from the offering will be used to fund a portion of the cash consideration payable in connection with the acquisition with any remaining net proceeds used for general corporate purposes.

According to the filing, the issuers intend to apply to list each series on the New York Stock Exchange.

The technology and mobility company is based in Dublin.

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