Adient issues $1B in notes (7% secured, 8.25% unsecured) to refinance debt

Adient plc

Issued $500M 7.000% Senior Secured Notes due 2028 and $500M 8.250% Senior Unsecured Notes due 2031.
Proceeds to redeem $700M of 3.50% Senior Unsecured Notes due 2024 and prepay $350M of Term Loan Facility.
Secured Notes guaranteed by Adient plc and certain subsidiaries, secured pari passu with Term Loan.
Unsecured Notes are senior and guaranteed on a pari passu unsecured basis by the same guarantors.
Interest payable semi-annually April 15 and October 15, starting October 15, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Adient plc entered into Secured Indenture with U.S. Bank Trust Company, National Association valued at $500 million (effective 2023-03-14).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $500 million
Effective: 2023-03-14

Exact text from the filing

Adient Global Holdings Ltd (“ Adient Global Holdings ”), a wholly-owned subsidiary of Adient plc (“ Adient ”), entered into an indenture (the “ Secured Indenture ”) relating to the issuance of $500 million aggregate principal amount of 7.000% Senior Secured Notes (the “ Secured Notes ”), by and between Adient Global Holdings and U.S. Bank Trust Company, National Association, as trustee (the “ Trustee ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Adient plc entered into Unsecured Indenture with U.S. Bank Trust Company, National Association valued at $500 million (effective 2023-03-14).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $500 million
Effective: 2023-03-14

Exact text from the filing

On March 14, 2023, Adient Global Holdings entered into an indenture (the “ Unsecured Indenture ”) relating to the issuance of $500 million aggregate principal amount of 8.250% Senior Unsecured Notes (the “ Unsecured Notes ”), by and between Adient Global Holdings and U.S. Bank Trust Company, National Association, as trustee (the “ Trustee ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.8

Adient plc entered into Supplemental Secured Indenture with certain of Adient’s subsidiaries (effective 2023-03-14).

Action: entry
Agreement: notes offering
Counterparty: certain of Adient’s subsidiaries
Effective: 2023-03-14

Exact text from the filing

certain of Adient’s subsidiaries that executed a supplemental indenture to the Secured Indenture on March 14, 2023 (the “ Supplemental Secured Indenture ”).

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Adient plc filing history →

Source: SEC EDGAR

accession 0001670541-23-000082

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