TRW Automotive completes private debt offering

AP News
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Posted: Nov 20, 2009 4:17 PM

Car parts maker TRW Automotive Holdings Corp. said Friday that it completed a previously announced private debt offering.

The offering was for $259 million worth of 3.5 percent exchangeable senior notes due 2015.

The company said that the offering underwriters exercised their option to buy additional notes to cover over-allotments.

TRW expects about $251 million in proceeds from the offering. It plans to use $112 million to pay down debt and the rest for general corporate purposes, which could also include more debt repayment.