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Adient Global Holdings to market $850 million two-part notes offering through Wednesday
By Paul A. Harris
Portland, Ore., Feb. 28 – Adient Global Holdings Ltd. started a brief roadshow for $850 million of high-yield notes on Tuesday, according to market sources.
The offering, which was set to kick off on a Tuesday morning conference call with investors, is scheduled to be marketed on a roadshow through Wednesday.
The Rule 144A and Regulation S deal includes $350 million of five-year senior secured notes (Ba3), which come with two years of call protection and are in the market with initial guidance in the low-to-mid 7% area. The secured notes have a special call provision that would allow the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The offering also includes $500 million of eight-year senior notes (B3), which come with three years of call protection, in the market with initial guidance in the low-to-mid 8% area.
The notes in both tranches feature equity clawbacks at par plus the full coupons during the respective non-call periods. They also feature 101% poison puts.
The Plymouth, Mich.-based supplier of automotive seating expects to use the proceeds plus cash on hand to redeem $750 million of its 3½% senior notes due 2024 and to prepay $200 million of its senior secured term loan facility maturing in 2028.
BofA Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Agricole CIB, Barclays, MUFG Securities Americas Inc. and Deutsche Bank Securities Inc. are the joint bookrunners.
CIBC World Markets Corp., ING Financial Markets LLC, KeyBanc Capital Markets Inc., Truist Securities Inc. and U.S. Bancorp Investments Inc. are the co-managers.
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