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Adient launches $3 billion credit facility at Libor plus 175 bps
By Sara Rosenberg
New York, June 28 – Adient Ltd. launched with a bank meeting on Tuesday its $3 billion credit facility with initial pricing of Libor plus 175 basis points, according to a market source.
The facility consists of a $1.5 billion revolver and a $1.5 billion five-year term loan.
J.P. Morgan Securities LLC is the lead bank on the deal.
The credit facility is being done in connection with the company’s spinoff from Johnson Controls Inc.
Proceeds will be used, along with $2 billion of eight- to 10-year bonds, to fund a $3 billion distribution to Johnson Controls, with the remaining $500 million in cash to be held by Adient.
Closing is expected in the third quarter.
London-based Adient is an automotive seating and interiors company.
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