TRW completes $250 million debt offering

AP News
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Posted: Nov 23, 2009 3:44 PM

Auto supplier TRW Automotive Inc. said Monday it has completed a previously announced debt offering.

The offering was for $250 million in 8.875 percent senior unsecured notes due in 2017.

The company said it expects proceeds of $242 million. It intends to use about half of the amount to pay back existing loans and the rest for general corporate purposes.

Earlier this month, TRW posted a third-quarter profit of $56 million, recovering from a loss in the previous year. Deep cost cuts helped boost the Livonia, Mich. company's bottom line. Fitch Ratings and Moody's Investors Service responded by upgrading TRW's debt ratings.