Exhibit 99.1
Lear Announces Offering of Senior Notes
SOUTHFIELD, Mich., April 29, 2019 — Lear Corporation, a global automotive technology leader in seating and electrical and electronic systems, announced today that it intends to commence an underwritten public offering of senior unsecured notes due 2029 and of senior unsecured notes due 2049. The terms of the offering will depend on market conditions and other factors.
The Company intends to use a portion of the net proceeds of this offering to redeem the outstanding $325.0 million aggregate principal amount of the Company’s 5.375% Senior Notes due 2024 (the “2024 Notes”) at a price equal to 102.688% of the principal amount of such 2024 Notes plus accrued and unpaid interest up to, but not including, the redemption date. The remaining proceeds will be used to pay a portion of the purchase price for the previously announced acquisition of Xevo Inc.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Barclays Capital Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the bond offering. Lear is making this offering pursuant to a shelf registration statement that became effective upon filing with the Securities and Exchange Commission (the “SEC”) on August 10, 2017. This offering will be made solely by means of a prospectus and prospectus supplement, copies of which may be obtained from Citigroup Global Markets Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email atprospectus@citi.com or telephone at1-800-831-9146), HSBC Securities (USA) Inc., 452 Fifth Avenue, New York, NY, USA 10018, Attention: Prospectus Department (or by email attmg.americas@us.hsbc.com or telephone at1-866-811-8049), or J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor (by telephone at1-212-834-4533) or through the SEC website atwww.sec.gov.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking
