Lear to conduct offering of 10-year notes via five bookrunners

By Devika Patel

Knoxville, Tenn., Aug. 14 – Lear Corp. intends to sell dollar-denominated fixed-rate senior notes due 2027, according to a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call and then a par call.

Bookrunners are BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.

Proceeds, along with cash on hand, will be used to redeem the company’s $500 million of 4.75% senior notes due 2023 at par plus interest and a make-whole premium, to repay debt under its revolving credit facility and for general corporate purposes.

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

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