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TRW Automotive's Lucas subsidiary tenders for 10 7/8% bonds
By Jennifer Chiou
New York, Jan. 9 - TRW Automotive Holdings Corp. announced that wholly owned subsidiary Lucas Industries Ltd. launched a repurchase offer and consent solicitation for all of its outstanding £94.6 million of 10 7/8% bonds due 2020.
The company said it will repurchase the bonds at 143% of the principal amount plus accrued interest.
Bondholders who deliver consents before the offer's expiration at noon ET on Jan. 17 will receive another 2% of the principal amount.
The company is soliciting consents to authorize the appointment of a proxy for a Feb. 1 bondholders' meeting to vote in favor of allowing Lucas to repurchase the tendered bonds and obligating Lucas to redeem bonds that are not tendered.
The repurchase offer is conditional upon tenders and consents from holders of at least 75% of outstanding bonds.
TRW said it intends to fund the bond repurchase with a combination of cash and existing credit facilities.
Dresdner Kleinwort Wasserstein is the financial adviser and dealer manager.
Based in Livonia, Mich., provides advanced technology products and services for the automotive markets.
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