New Issue: TRW prices $250 million 8 7/8% eight-year notes at 99.292 to yield 9%

By Paul A. Harris

St. Louis, Nov. 18 - TRW Automotive Inc. priced a $250 million issue of 8 7/8% eight-year senior notes (Caal/B-/) at 99.292 to yield 9% on Wednesday, according to an informed source.

The deal priced on top of price talk.

J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Goldman Sachs & Co. were joint bookrunners for the quick-to-market Rule 144A and Regulation S for life issue.

Proceeds will be used to repay bank debt and for general corporate purposes.

TRW is a Livonia, Mich.-based automotive supplier.

Issuer:	TRW Automotive Inc.
Face amount:	$250 million
Proceeds:	$248.23 million
Maturity:	Dec. 1, 2017
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co.
Senior co-managers:	Calyon Securities, Commerzbank Corporates & Markets, Scotia Capital, UBS Investment Bank
Co-managers:	Fifth Third Securities, Inc., Nomura Securities International, Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc.
Coupon:	8 7/8%
Price:	99.292
Yield:	9%
Spread:	590 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Dec. 1, 2013, then callable at 104.438, 102.219, par on and after Dec. 1, 2015
Equity clawback:	35% at 108.875 until Dec. 1, 2012
Change-of-control put:	101%
Trade date:	Nov. 18
Settlement date:	Nov. 23
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A/Regulation S for Life
Price talk:	9% area

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