Auto parts maker TRW Automotive Holdings Corp. said Wednesday that it has extended its deadline for responses to its tender offer to buy back almost $1.3 billion in debt from Friday to April 18.
The company also said that it has received tenders for almost all the notes it offered to buy last month.
TRW said in March it would buy back $825 million in 9.375 percent senior notes due 2013 and $195 million in 11 percent senior notes due 2013. The company also said it would repurchase 130 million euros ($173.8 million) of 10.125 percent senior notes due 2013 and 81 million euros ($108.3 million) of 11.75 percent senior notes due 2013.
TRW said Wednesday it has received tenders of $820.8 million, or 99.4 percent, of the outstanding 9.375 percent senior notes; $189.2 million, or 97 percent, of the outstanding 11 percent notes; 120.5 million euros ($161.5 million), or 92.7 percent, of the outstanding 10.125 percent notes, and 78.9 million euros ($105.5 million), or 97.1 percent, of the outstanding 11.75 percent notes.
Shares of TRW rose 8 cents to close at $35.06 on the New York Stock Exchange.
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: firstname.lastname@example.org.
Anytime and anywhere to know the dynamics of China's auto industry