Lear announces results of senior notes tender, hits $200M target
As of 5PM on November 9th 2021, Lear announced the successful completion of its tender offer on its 3.8% senior notes due 2027. Of $750 million worth of notes available and $338 million tendered, the company will buy back $200 million. The payment for these notes will be distributed on November 22, 2021. Since the number of notes tendered exceeded the maximum amount, payment will be given on a prorated bases in accordance with the Offer to Purchase.
Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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