Adient announces intention to offer $795 million of new senior unsecured notes
Adient (NYSE: ADNT), a global automotive seating leader, announced its subsidiary Adient Global Holdings plans to offer $795 million in senior unsecured notes due 2033. The company intends to use the proceeds, along with cash on hand, to redeem its existing 4.875% senior unsecured notes due 2026 and cover related fees and expenses.
The notes offering will be conducted through private transactions, available only to qualified institutional buyers under Rule 144A of the Securities Act and non-U.S. persons outside the United States under Regulation S. The notes and related guarantees will not be registered under the Securities Act or any state securities laws.
Adient (NYSE: ADNT), un leader globale nel settore dei sedili automobilistici, ha annunciato che la sua controllata Adient Global Holdings intende offrire 795 milioni di dollari in obbligazioni senior non garantite con scadenza nel 2033. La società prevede di utilizzare il ricavato, insieme alla liquidità disponibile, per riscattare le sue attuali obbligazioni senior non garantite al 4,875% in scadenza nel 2026 e coprire le spese e le commissioni correlate.
L'offerta delle obbligazioni sarà effettuata tramite transazioni private, disponibili solo per acquirenti istituzionali qualificati ai sensi della Regola 144A del Securities Act e per persone non statunitensi al di fuori degli Stati Uniti ai sensi della Regolamentazione S. Le obbligazioni e le garanzie correlate non saranno registrate ai sensi del Securities Act o delle leggi statali sui titoli.
Adient (NYSE: ADNT), un líder global en asientos automotrices, anunció que su subsidiaria Adient Global Holdings planea ofrecer 795 millones de dólares en notas senior no garantizadas con vencimiento en 2033. La compañía tiene la intención de utilizar los ingresos, junto con efectivo disponible, para canjear sus notas senior no garantizadas al 4,875% con vencimiento en 2026 y cubrir tarifas y gastos relacionados.
La oferta de notas se llevará a cabo a través de transacciones privadas, disponibles solamente para compradores institucionales calificados bajo la Regla 144A de la Ley de Valores y personas no estadounidenses fuera de los Estados Unidos bajo la Regulación S. Las notas y las garantías relacionadas no se registrarán bajo la Ley de Valores ni ninguna ley estatal de valores.
Adient (NYSE: ADNT), 글로벌 자동차 좌석 리더, 자회사인 Adient Global Holdings가 7억 9500만 달러의 만기 2033년 비담보 선순위 채권을 제공할 계획을 발표했습니다. 회사는 자금을 사용하여 현재의 4.875% 만기 2026년 비담보 선순위 채권을 상환하고 관련 수수료 및 비용을 충당할 것입니다.
채권 공모는 개인 거래를 통해 이루어지며, 오직 144A 규정에 따라 자격을 갖춘 기관 투자자 및 미국 외의 비미국인에게만 제공됩니다. 채권 및 관련 보증은 증권법 또는 주 증권 법률에 따라 등록되지 않습니다.
Adient (NYSE: ADNT), un leader mondial dans le domaine des sièges automobiles, a annoncé que sa filiale Adient Global Holdings prévoit d'offrir 795 millions de dollars en obligations senior non garanties échéant en 2033. La société a l'intention d'utiliser les produits, ainsi que la trésorerie disponible, pour racheter ses obligations senior non garanties à 4,875% échues en 2026 et couvrir les frais et dépenses associés.
L'offre d'obligations sera réalisée par le biais de transactions privées, accessibles uniquement aux acheteurs institutionnels qualifiés selon la règle 144A de la Loi sur les valeurs mobilières et aux personnes non américaines en dehors des États-Unis selon la règle S. Les obligations et les garanties associées ne seront pas enregistrées en vertu de la Loi sur les valeurs mobilières ni des lois sur les valeurs mobilières des États.
Adient (NYSE: ADNT), ein führendes Unternehmen im Bereich Automobilsitze, hat bekannt gegeben, dass seine Tochtergesellschaft Adient Global Holdings plant, 795 Millionen US-Dollar in ungesicherten vorrangigen Anleihen mit Fälligkeit im Jahr 2033 anzubieten. Das Unternehmen beabsichtigt, die Erlöse zusammen mit vorhandenen liquiden Mitteln zu verwenden, um seine bestehenden 4,875% ungesicherten vorrangigen Anleihen mit Fälligkeit im Jahr 2026 zurückzukaufen und damit verbundene Gebühren und Kosten zu decken.
Das Angebot der Anleihen erfolgt im Rahmen privater Transaktionen, die nur für qualifizierte institutionelle Käufer gemäß Regel 144A des Wertpapiergesetzes und für nichtamerikanische Personen außerhalb der Vereinigten Staaten gemäß der Regulierung S verfügbar sind. Die Anleihen und die zugehörigen Garantien werden nicht gemäß dem Wertpapiergesetz oder den Wertpapiergesetzen der Bundesstaaten registriert.
- Refinancing existing debt with new notes indicates proactive debt management
- Extension of debt maturity from 2026 to 2033 improves long-term financial flexibility
- Taking on $795 million in new debt could increase interest expenses depending on new rate
- Additional cash on hand required beyond the new notes to complete the refinancing
Insights
Adient's $795 million senior unsecured notes offering represents a strategic financial maneuver with several key implications. By refinancing its 2026 notes, the company is proactively addressing its debt maturity profile, pushing obligations out to 2033 - a significant 7-year extension that provides enhanced financial flexibility.
The timing of this refinancing is particularly noteworthy. With interest rates potentially stabilizing, Adient's move suggests management's intent to lock in current rates before any potential market shifts. The private placement nature of the offering, restricted to qualified institutional buyers, typically allows for more flexible terms and potentially faster execution compared to public offerings.
From a balance sheet perspective, while this transaction is largely leverage-neutral (as it's essentially replacing existing debt), the extended maturity profile strengthens Adient's financial position. For the automotive seating sector, which experiences cyclical demand patterns, having longer-dated debt maturities provides important operational flexibility during industry downturns.
A critical aspect for investors to monitor will be the new notes' pricing relative to the existing 4.875% notes. Given the longer duration and current market conditions, any significant variation in interest rates could impact Adient's annual interest expense and consequently, its free cash flow generation capacity. The company's ability to successfully place these notes will also serve as a meaningful indicator of institutional investors' confidence in Adient's long-term business prospects.
Adient intends to use the net proceeds from this offering, together with cash on hand, to redeem its existing
The offering of the Notes will be made in private transactions in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), only to persons reasonably believed to be "qualified institutional buyers" in accordance with Rule 144A under the Securities Act and to non-
This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor will there be any sale of the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not and will not constitute an offer to redeem Adient's existing
About Adient:
Adient (NYSE: ADNT) is a global leader in automotive seating. With 70,000+ employees in 29 countries, Adient operates more than 200 manufacturing/assembly plants worldwide. We produce and deliver automotive seating for all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat-making process. Our integrated, in-house skills allow us to take our products from research and design to engineering and manufacturing — and into millions of vehicles every year. For more information on Adient, please visit www.adient.com.
Cautionary Statement Regarding Forward-Looking Statements:
Adient has made statements in this document that are forward-looking and, therefore, are subject to risks and uncertainties. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as "future," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "will," "would," "could," "can," "may," or similar terms. Forward-looking statements are not guarantees of future performance and Adient's actual results may differ significantly from the results discussed in the forward-looking statements. Adient cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Adient's control, that could cause Adient's actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, the effects of local and national economic, credit and capital market conditions (including the persistence of high interest rates, vehicle affordability and volatile currency exchange rates) on the global economy, automotive vehicle production levels, mix and schedules, as well as the concentration of exposure to certain automotive manufacturers, shifts in market shares among vehicles, vehicle segments or away from vehicles on which Adient has significant content, changes in consumer demand, Adient's joint ventures, volatile energy markets, Adient's ability and timing of customer recoveries for increased input costs, the availability of raw materials and component products (including components required by Adient's customers for the manufacture of vehicles), geopolitical uncertainties such as the
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