By Sheri Kasprzak
New York, Oct. 17 - Lear Corp. is gearing up to wrap a $200,000,019 private placement with Icahn Partners LP, Icahn Partners Master Fund LP and Koala Holding LLC.
The investors agreed to buy 8,695,653 shares at $23.00 apiece, a 6.4% discount to the company's $24.59 closing stock price on Monday.
The deal is scheduled to close within the next 45 days.
Proceeds will be used for strategic investments and working capital.
Separately, the company is preparing to release its third-quarter earnings statement on Oct. 26. For the third quarter, Lear expects to post net sales of $4.1 billion and a pre-tax loss between $60 million and $70 million.
Located in Southfield, Mich., Lear is an automotive components supplier.
| Issuer: | Lear Corp.
|
| Issue: | Stock
|
| Amount: | $200,000,019
|
| Shares: | 8,695,653
|
| Price: | $23.00
|
| Warrants: | No
|
| Investors: | Icahn Partners LP, Icahn Partners Master Fund LP and Koala Holding LLC
|
| Announcement date: | Oct. 17
|
| Stock symbol: | NYSE: LEA
|
| Stock price: | $24.59 at close Oct. 16
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
