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Lear plans tender for 8 1/8% notes, 8.11% notes
By Jennifer Chiou
New York, Nov. 20 - Lear Corp. announced intentions to use the proceeds of notes offerings to fund tenders for up to $700 million total of its 8 1/8% senior notes due 2008 and 8.11% senior notes due 2009.
Lear plans to offer $300 million of senior unsecured notes due 2013 and $400 million of senior unsecured notes due 2016, which will be guaranteed by the company's subsidiaries.
For each $1,000 or €1,000 principal amount, Lear said it will pay €1,045 for the 8 1/8% notes and $1,055 for the 8.11% notes, plus accrued interest for both.
The tenders are conditioned on completion of the proposed notes offerings.
Based in Southfield, Mich., Lear is a supplier of automotive interior systems and components.
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