Lear upsizes revolver to $1 billion, cuts rate to Libor plus 150 bps

By Susanna Moon

Chicago, Feb. 5 - Lear Corp. reduced pricing on its revolving credit facility to Libor plus 150 basis points and doubled the loan size to $1 billion, according to an 8-K filing with the Securities and Exchange Commission.

The spread over Libor ranges from 100 bps to 225 bps based on the company's credit ratings.

The company amended its revolving credit facility on Jan. 30 with JP Morgan Chase Bank NA as administrative agent, pushing out the maturity to Jan. 30, 2018.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Barclays Bank plc were the joint lead arrangers and bookrunners.

Previously the maturity was June 17, 2016, and the size $500 million.

The facility fee was reduced to 35 bps, and can now range from 25 bps to 50 bps.

The covenants were modified to reflect the amendments and provide additional flexibility.

Lear is a Southfield, Mich.-based automotive parts supplier.

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