Attached files
file | filename |
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8-K - FORM 8-K - LEAR CORP | k49042e8vk.htm |
EX-4.1 - EX-4.1 - LEAR CORP | k49042exv4w1.htm |
EX-1.1 - EX-1.1 - LEAR CORP | k49042exv1w1.htm |
EX-4.2 - EX-4.2 - LEAR CORP | k49042exv4w2.htm |
EX-99.2 - EX-99.2 - LEAR CORP | k49042exv99w2.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Lear Contact: | ||
Mel Stephens | ||
(248) 447-1624 |
LEAR PRICES $700 MILLION SENIOR NOTES OFFERING
SOUTHFIELD, Mich., March 24, 2010 Lear Corporation (NYSE: LEA) announced today that it priced an
underwritten public offering of $350 million in aggregate principal amount of 7.875% senior notes
due 2018, and $350 million in aggregate principal amount of 8.125% senior notes due 2020. The
senior notes due 2018 were priced at 99.276% of par, resulting in a yield to maturity of 8.00%, and
the senior notes due 2020 were priced at 99.164% of par, resulting in a yield to maturity of 8.25%.
Lear intends to use the net proceeds from this offering, together with its current cash and cash
equivalents, to repay in full all amounts outstanding under the term loans provided under its first
lien credit facility and its second lien credit facility. The principal amounts outstanding under
the term loans provided under the first lien credit facility and the second lien credit facility
are $375 million and $550 million, respectively. The offering is anticipated to close on March 26,
2010, subject to market and other conditions.
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, and a prospectus supplement to
Lears prospectus, dated March 22, 2010, filed with the shelf registration statement. A final
prospectus supplement relating to the offering will be filed with the Securities and Exchange
Commission. Copies of the prospectus and prospectus supplement relating to the offering 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,
New York 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.
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.
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.