Attached files
file | filename |
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8-K - FORM 8-K - LEAR CORP | k49017e8vk.htm |
EX-99.1 - EX-99.1 - LEAR CORP | k49017exv99w1.htm |
EX-23.1 - EX-23.1 - LEAR CORP | k49017exv23w1.htm |
EX-10.2 - EX-10.2 - LEAR CORP | k49017exv10w2.htm |
EX-10.1 - EX-10.1 - LEAR CORP | k49017exv10w1.htm |
Exhibit 99.2
FOR IMMEDIATE RELEASE
Lear Contact:
Mel Stephens
(248) 447-1624
Mel Stephens
(248) 447-1624
LEAR
ANNOUNCES $700 MILLION SENIOR NOTES OFFERING
SOUTHFIELD, Mich., March 22, 2010 Lear Corporation (NYSE: LEA) announced today that it filed a
shelf registration statement with the Securities and Exchange Commission and commenced an offering
of senior unsecured notes due 2018 and senior unsecured notes
due 2020 in a $700 million underwritten public offering. The final terms of the offering will depend upon
market conditions and other factors.
At this
offering amount, Lear intends to use the net proceeds from this offering, together with its current cash and cash
equivalents, to repay in full amounts outstanding under its first
lien credit facility and second lien credit facility. The principal
amounts outstanding under the first lien credit facility and the
second lien credit facility are $375 million and $550 million, respectively.
Lear also announced that effective as of March 19, 2010, it entered into an amendment and
restatement of its first lien credit facility providing for a new $110 million revolving credit
facility. This revolving credit facility permits Lear to borrow for general corporate and
working capital purposes and to issue letters of credit. The commitments under the revolving
credit facility expire on March 19, 2013. The revolving credit facility is subject to terms and
conditions substantially consistent with the terms and conditions of the first lien credit
facility.
Additionally, on
March 19, 2010, Lear entered into an amendment of its amended and restated first
lien credit facility to facilitate, among other things, the issuance
of the note offering by Lear referenced above and in connection therewith, to permit the application of the proceeds of
such offering to prepay amounts outstanding under Lears second lien credit facility and to permit
the application of Lears existing cash in connection with the repayment of remaining amounts
outstanding under the second lien credit facility.
Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Barclays Capital Inc. and UBS
Securities LLC are acting as joint book-running managers of the offering. Lear is making this
offering pursuant to a shelf registration statement filed with the Securities and Exchange
Commission on March 22, 2010, which was effective upon filing. This offering will be made solely by means of a prospectus and prospectus supplement, copies of
which may be obtained from Citigroup Global Markets Inc. at Brooklyn Army Terminal, 140 58th
Street, 8th floor, Brooklyn, NY 11220, Attn: Prospectus Department (or by telephone at
1-800-831-9146), J.P. Morgan Securities Inc. at 383 Madison Avenue,
3rd floor, New York, NY 10179,
Attn: Syndicate Desk (or by telephone at 1-800-245-8812), Barclays Capital Inc. c/o Broadridge
Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email at
Barclaysprospectus@broadridge.com or telephone at 1-888-603-5847), UBS Securities LLC at 299 Park
Avenue, New York, NY 10171, Attn: Prospectus Department (or by telephone at 1-888-827-7275) or
through the SEC website at www.sec.gov.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities
and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Lear Corporation
Lear Corporation is one of the worlds leading suppliers of automotive Seating and Electrical Power
Management systems. The Companys world-class products are designed, engineered and manufactured by
a diverse team of 75,000 employees at 197 facilities in 35 countries. Lears headquarters are in
Southfield, Michigan, and Lear is traded on the New York Stock Exchange under the symbol [LEA].
Further information about Lear is available on the Internet at http://www.lear.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from anticipated results as a
result of certain risks and uncertainties, including but not limited to: general economic
conditions in the markets in which Lear operates, including changes in interest rates or currency
exchange rates; the financial condition and restructuring actions of Lears customers and
suppliers; changes in actual industry vehicle production levels from Lears current estimates;
fluctuations in the production of vehicles for which Lear is a supplier; the loss of business with
respect to, or the lack of commercial success of, a vehicle model for which Lear is a significant
supplier; disruptions in the relationships with Lears suppliers; labor disputes involving Lear or
its significant customers or suppliers or that otherwise affect Lear; the outcome of
customer negotiations; the impact and timing of program launch costs; the costs, timing and success
of restructuring actions; increases in Lears warranty or product liability costs; risks associated
with conducting business in foreign countries; competitive conditions impacting Lears key
customers and suppliers; the cost and availability of raw materials and energy; Lears ability to
mitigate increases in raw material, energy and commodity costs; the outcome of legal or regulatory
proceedings to which Lear is or may become a party; unanticipated changes in cash flow, including
Lears ability to align Lears vendor payment terms with those of its customers; Lears ability to
access capital markets on commercially reasonable terms; further impairment charges initiated by
adverse industry or market developments; Lears anticipated future performance, including, without
limitation, Lears ability to maintain or increase revenue and gross margins, control future
operating expenses and make necessary capital expenditures; and other risks described from time to
time in the Companys Securities and Exchange Commission filings. Future operating results will be
based on various factors, including actual industry production volumes, commodity prices and the
Companys success in implementing its operating strategy.
The forward-looking statements in this press release are made as of the date hereof, and Lear does
not assume any obligation to update, amend or clarify them to reflect events, new information or
circumstances occurring after the date hereof.