Adient expected to kick off $750 million secured notes offering during April 22 week

By Paul A. Harris

Portland, Ore., April 15 – Adient is expected to launch a $750 million offering of senior secured notes due 2026 into the market during the April 22 week, according to market sources.

BofA Merrill Lynch is expected to lead the Rule 144A and Regulation S transaction.

The Plymouth, Mich.-based automotive seating company plans to issue the notes via its wholly owned subsidiary, Adient US LLC.

Adient intends to use the net proceeds, together with borrowings under its new credit facilities, to prepay in full and terminate commitments under its existing credit agreement.

The new credit facilities, which are expected to consist of a term loan B and an asset-based revolver, together with the notes, are expected to provide pro forma liquidity of about $1.9 billion.

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