Faurecia announces the success of the above transaction, launched February 21st, 2018. Faurecia priced €700m of senior notes due 2025 at 2.625%.
The quality of the investor base and the very favourable conditions achieved demonstrate the significant appreciation of Faurecia’s credit quality.
Faurecia will use the proceeds of the issuance of the Notes, together with its available cash, to redeem all its €700m 3.125% senior notes due June 2022 (the “2022 Notes”), plus accrued and unpaid interest.
Faurecia will exchange the Notes for all 2022 Notes tendered and accepted in the Tender Offer announced yesterday at the tender price, and redeem all the remaining outstanding 2022 Notes at the make-whole price.
This new long-term bond issue will allow Faurecia to enhance its financial structure by extending its debt maturity profile and reducing its cost of funding.
An application has been made to list the Notes on the Irish Stock Exchange (Global Exchange Market).
The settlement of the Notes is expected to occur on March 8th, 2018.