Lear Corp. (LEA), a supplier of automotive seating and electrical distribution systems, Tuesday said it intends to commence an offering of $650 million in senior unsecured notes due 2025 in an underwritten public offering.
The company plans to use $350 million of the net proceeds from the offering, along with the proceeds of its $500 million delayed draw term loan facility, to finance the previously announced acquisition of Eagle Ottawa which is expected to close in the first quarter of 2015.
Remainder of the net proceeds from the offering will be used to redeem the remaining outstanding aggregate principal amount of its 8.125 percent Senior Notes due 2020 and for general corporate purposes, including the payment of fees and expenses associated with the Eagle Ottawa acquisition and related financing transactions.
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