AUBURN HILLS, Mich.,
March 9, 2015 /PRNewswire/
-- BorgWarner today announced that it priced a public
offering of $1.0 billion aggregate
principal amount of fixed rate senior notes, consisting of the
following:
- $500 million of 3.375% senior
notes due 2025, and
- $500 million of 4.375% senior
notes due 2045.
The company expects that it will receive approximately
$988 million of net proceeds from the
offering after deducting underwriting discounts, commissions and
expenses of the offering. The company intends to use the net
proceeds for general corporate purposes, including the repayment of
U.S. short-term indebtedness, and to partially fund its previously
announced $1.0 billion share
repurchase program. The offering is expected to close on
March 16, 2015, subject to customary
closing conditions.
Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated and Wells Fargo Securities, LLC are
serving as joint book-running managers for the offering.
The offering is being made under the company's shelf
registration statement filed with the Securities and Exchange
Commission and only by means of a prospectus supplement and
accompanying prospectus. A copy of the prospectus supplement and
accompanying prospectus relating to the offering may be obtained
from either:
- Deutsche Bank Securities Inc., Attn.: Prospectus Group, 60 Wall
Street, New York, NY 10005-2836,
Email: prospectus.CPDG@db.com, Tel: (800) 503-4611;
- Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222
Broadway, 11th Floor, New York, NY
10038, Attention: Prospectus Department, telephone: 1-800-294-1322
or by e-mailing dg.prospectus_requests@baml.com; or
- Wells Fargo Securities, LLC, 608 2nd Avenue, South Minneapolis, MN 55402, Attn: WFS
Customer Service, calling toll-free: 1-800-645-3751 or emailing
wfscustomerservice@wellsfargo.com.
Alternatively, the prospectus supplement and accompanying
prospectus may be obtained by visiting EDGAR on the SEC Web site at
www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a product leader in highly
engineered components and systems for powertrains around the world.
Operating manufacturing and technical facilities in 58 locations in
19 countries, the company delivers innovative powertrain solutions
to improve fuel economy, reduce emissions and enhance
performance.
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SOURCE BorgWarner Inc.