Lear plans to price $650 million 10-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Nov. 18 – Lear Corp. plans to price a $650 million offering of senior notes due January 2025 (expected ratings Ba2/BB) on Tuesday trailing a late-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc. is the left bookrunner for the public offering. Barclays, BofA Merrill Lynch, HSBC Securities, J.P. Morgan Securities LLC and RBC Capital Markets are the joint bookrunners.

BNP Paribas Securities Corp., SMBC Nikko, Commerzbank, Fifth Third Securities, Huntington Investment Co., MUFG, PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Williams Capital Group LP are the co-managers.

The notes come with five years of call protection.

Proceeds will be used to pay a portion of the purchase price for the Eagle Ottawa acquisition, to redeem the remaining 8 1/8% 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.

Lear is a Southfield, Mich.-based manufacturer and distributor of automotive seating and electrical distribution systems.

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