Lear Extends the Expiration Date of the Exchange Offer for its Outstanding 8 1/2% Senior Notes due 2013 and 8 3/4% Senior Notes due 2016
SOUTHFIELD, Mich., Jan. 22 /PRNewswire-FirstCall/ -- Lear Corporation (NYSE:
LEA), one of the world's largest automotive suppliers, today announced
that it is extending until 5:00 p.m., New York City time, on January 22,
2007, unless further extended, the expiration date of its registered
exchange offer for all of its outstanding 8 1/2% Senior Notes due 2013
(the "Original 2013 Notes") and 8 3/4% Senior Notes due 2016 (the
"Original 2016 Notes"). In the exchange offer, Lear is offering to
exchange $1,000 in principal amount of its 8 1/2% Series B Senior Notes
due 2013 (the "New 2013 Notes") and 8 3/4% Series B Senior Notes due
2016 (the "New 2016 Notes"), which have been registered under the
Securities Act of 1933, for each $1,000 in principal amount of Original
2013 Notes and Original 2016 Notes, respectively.
As of 5:00 p.m., New York City time, on January 19, 2007, the
original expiration date of the exchange offer, the exchange agent
advised Lear that $278.8, or 92.9%, of the Original 2013 Notes and
$576.0, or 96.0%, of the Original 2016 Notes had been validly tendered,
excluding notes for which a notice of guaranteed delivery was received.
The exchange offer is subject to the terms and conditions set forth
in the prospectus, dated December 20, 2006, and the corresponding letter
of transmittal distributed in connection with the exchange offer.
Other than the extension of the expiration date of the exchange offer,
all other terms and conditions of the exchange offer set forth in the
prospectus and letter of transmittal remain in full force and effect.
Investors who would like to obtain copies of the prospectus and
related documents, or have questions regarding the exchange offer,
should contact Bank of New York, the exchange agent for the exchange
offer, at (212) 815-3687.
Lear Corporation is one of the world's largest suppliers of
automotive interior systems and components. Lear provides complete seat
systems, electronic products and electrical distribution systems and
other interior products. With annual net sales of $17.1 billion in 2005,
Lear ranks #127 among the Fortune 500. Lear's world-class products are
designed, engineered and manufactured by a diverse team of 111,000
employees at 286 locations in 34 countries. Lear's headquarters are in
Southfield, Michigan, and Lear is traded on the New York Stock Exchange
under the symbol [LEA]. Further information about Lear is available on
the Internet at http://www.lear.com/.
SOURCE: Lear Corporation
CONTACT: Investors-Media, Mel Stephens, +1-248-447-1624, or
Ed Lowenfeld, +1-248-447-4380, both of Lear Corporation
Web site: http://www.lear.com/
Company News On-Call: http://www.prnewswire.com/comp/518304.html
Posted on 1/22/2007