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Lear Announces Offering of Senior Notes

November 4, 2021

Lear Announces Offering of Senior Notes

November 4, 2021

Press Release

SOUTHFIELD, Mich., Nov. 4, 2021 -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, announced today that it intends to commence an underwritten public offering of senior unsecured notes due 2032 and 2052. The terms of the offering will depend on market conditions and other factors.

The Company intends to use the net proceeds of this offering to (1) fund the repayment in full of its term loan facility maturing on August 8, 2022 in the amount of $206.3 million and (2) fund the purchase price of up to $200.0 million aggregate principal amount of 3.800% Senior Notes due 2027 validly tendered and accepted for payment pursuant to a cash tender offer. The Company expects to use the remaining net proceeds for general corporate purposes, which may include the purchase price for the acquisition of substantially all of Kongsberg Automotive's Interior Comfort Systems business unit, including fees and expenses, and/or additional repayments, redemptions or repurchases of our outstanding indebtedness.

BofA Securities, Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are acting as joint book-running managers for the bond offering.  The Company is making this offering pursuant to a shelf registration statement that became effective upon filing with the Securities and Exchange Commission (the "SEC") on August 14, 2020.  This offering will be made solely by means of a prospectus and prospectus supplement, copies of which may be obtained from BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department (or by email at dg.prospectus_requests@bofa.com or telephone at 1-800-294-1322), or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email at prospectus@citi.com or telephone at 1-800-831-9146), or HSBC Securities (USA) Inc., 452 Fifth Avenue, New York, NY 10018, Attention: Transaction Management Group (or by telephone at 1-866-811-8049), or through the SEC website at www.sec.gov.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Lear also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that Lear expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in Lear's Annual Report on Form 10-K for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the quarter ended April 3, 2021, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, the impact of the ongoing COVID-19 pandemic on Lear's business and the global economy, supply chain disruptions, actual industry production volumes, commodity prices, the impact of restructuring actions and Lear's success in implementing its operating strategy.

The forward-looking statements in this press release are made as of the date hereof, and Lear does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.

About Lear Corporation

Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear's diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks #179 on the Fortune 500. Further information about Lear is available at lear.com, or follow us on Twitter @LearCorporation.

Making every
drive better.