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TRW Automotive Sells $259 Million Of Senior Notes

Posted on: Mon, 23 Nov 2009 04:02:00 EST

Symbols: TRW

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Nov 23, 2009 (FinancialWire via COMTEX) --
TRW | Quote | Chart | News | PowerRating -- (Comment on this article at http://www.financialwire.net/2009/11/23/trw-automotive-sells-259-million-of-senior-notes/)

November 23, 2009 (FinancialWire) -- TRW Automotive Holdings Corp.'s (NYSE: TRW | Quote | Chart | News | PowerRating) wholly-owned subsidiary, TRW Automotive Inc., has completed a private offering of 3.50% exchangeable senior notes due 2015.

The company also said that the underwriters fully exercised their option to purchase additional notes to cover over-allotments, resulting in a total sale of $259 million in aggregate principal amount of Notes.

TRW estimates that the net proceeds from this offering will be approximately $251 million after deducting initial purchasers' discounts and estimated offering expenses. It plans to use approximately $112 million of the net proceeds from the offering to repay borrowings under its existing term loan facilities and to use the remaining net proceeds for general corporate purposes, which may include additional repayment of debt.

Michigan-based TRW, through its subsidiaries, operates in 26 countries and employs approximately 64,000 people worldwide. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems, electronics, engine components, fastening systems and aftermarket replacement parts and services.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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