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8-K - FORM 8-K - ZF TRW AUTOMOTIVE HOLDINGS CORP | k48585e8vk.htm |
Exhibit 99.1
News Release
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TRW Automotive | |||
12001 Tech Center Drive | ||||
Livonia, MI 48150 | ||||
Investor Relations Contact: Mark Oswald (734) 855-3140 |
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Media Contact: John Wilkerson (734) 855-3864 |
TRW Announces Pricing of Senior Unsecured Notes
LIVONIA, MICHIGAN, November 18, 2009 TRW Automotive Holdings Corp. (NYSE: TRW), today
announced its wholly-owned subsidiary, TRW Automotive Inc. (TAI), has priced its previously
announced offering of $250 million in aggregate principal amount of senior unsecured notes due
2017 (the Notes). The Notes will have an interest rate of
8.875% and will be issued at a price
equal to 99.292% of their face value. The closing is expected to occur on November 23, 2009,
subject to customary closing conditions. TAI intends to use approximately $124 million of the
net proceeds from the offering to prepay borrowings under its existing term loan facilities and
to use the remaining net proceeds for general corporate purposes.
The Notes will be offered to qualified institutional buyers in accordance with Rule 144A under
the Securities Act of 1933, as amended (the Securities Act), and to non-U.S. persons outside
the United States pursuant to Regulation S under the Securities Act.
The Notes have not been and will not be registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States absent registration under the
Securities Act or an applicable exemption from the registration requirements of the Securities
Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy
any securities nor shall there be any sale of any securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
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About TRW
With 2008 sales of $15.0 billion, TRW Automotive ranks among the worlds leading automotive
suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries,
operates in 26 countries and employs approximately 64,000 people worldwide. TRW Automotive
products include integrated vehicle control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts and airbags), electronics,
engine components, fastening systems and aftermarket replacement parts and services. All
references to TRW Automotive, TRW or the Company in this press release refer to TRW
Automotive Holdings Corp. and its subsidiaries, unless otherwise indicated.
Forward-Looking Statements
This release contains statements that are not statements of historical fact, but instead are
forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. We caution readers not to place undue reliance on these statements, which speak
only as of the date hereof. All forward-looking statements are subject to numerous assumptions,
risks and uncertainties which can cause our actual results to differ materially from those
suggested by the forward-looking statements, including those set forth in our Report on Form 10-K
for the fiscal year ended December 31, 2008 (our Form 10-K), and in our Reports on Form 10-Q
for the quarters ended April 3, July 3 and October 2, 2009, such as: any prolonged contraction in
automotive sales and production adversely affecting our results, liquidity or the viability of
our supply base; the financial condition of OEMs, particularly the Detroit Three, adversely
affecting us or the viability of our supply base; disruptions in the financial markets adversely
impacting the availability and cost of credit negatively affecting our business; our substantial
debt and resulting vulnerability to economic or industry downturns and to rising interest rates;
escalating pricing pressures from our customers; commodity inflationary pressures adversely
affecting our profitability and supply base; our dependence on our largest customers; any
impairment of a significant amount of our goodwill or other intangible assets; costs of product
liability, warranty and recall claims and efforts by customers to adversely alter contract terms
and conditions concerning warranty and recall participation; strengthening of the U.S. dollar and
other foreign currency exchange rate fluctuations impacting our results; any increase in the
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expense and funding requirements of our pension and other postretirement benefits; risks associated with
non-U.S. operations, including foreign exchange risks and economic uncertainty in some regions;
work stoppages or other labor issues at our facilities or at the facilities of our customers or
suppliers; volatility in our annual effective tax rate resulting from a change in earnings mix or
other factors; costs or liabilities relating to environmental health and safety regulations;
assertions by or against us relating to intellectual property rights; the possibility that our
largest stockholders interests will conflict with our or our other stockholders interests; and
other risks and uncertainties set forth in our Form 10-K and in our other filings with the
Securities and Exchange Commission. We do not undertake any obligation to release publicly any
update or revision to any of the forward-looking statements.
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