Lear Begins Tender Offer

The offer will run through June 13.
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Lear

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, an automotive interior systems supplier, began a cash tender offer for outstanding zero-coupon convertible senior notes due 2022, issued in February 2002. The offer expire on June 13, unless extended.

The Southfield, Mich.-based company is offering to purchase the convertible notes for cash at $475 per $1,000 principal amount at maturity.

Assuming that all of the outstanding convertible notes are tendered in the tender offer, the aggregate amount of cash required for Lear to purchase the tendered notes is estimated to be about $304 million. The purchase price will be financed with a portion of the proceeds of Lear's recently announced new term loan facility.

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