The Southfield, Mich.-based company said that this represented an increase of $200 million over the $700 million offering amount announced earlier.
Of the total, $300 million, due 2013, is offered at par with an interest rate of 8.50%, and $600 million, due 2016, is also offered at par with an interest rate of 8.75%. These new notes will be purchased by
Citigroup Global Markets
Lear intends to use the net proceeds from this offering to pre-fund the repayment or repurchase of any and all of Lear's outstanding 8.125% senior notes due 2008 and a substantial portion of the outstanding 8.11% senior notes due 2009.
Shares of the company were trading up 43 cents, or 1.33%, at $32.64 Tuesday.
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