Michigan, April 3, 2017... Federal-Mogul LLC ("Federal-Mogul"
or the "Company") today announced it has successfully completed a €715 million
senior secured notes offering and refinanced a portion of its existing
debt. The Company (together with
Federal-Mogul Financing Corporation, the co-issuer of the notes) issued an
aggregate principal amount of €415 million 4.875% Senior Secured Notes due 2022
and €300 million Floating Rate Senior Secured Notes due 2024 that will bear
interest at a rate of EURIBOR (with a 0% floor), plus 4.875% per annum. The proceeds of the notes were used to prepay
in full Federal-Mogul's term loan B which was scheduled to mature in 2018,
reduce its revolving credit facility balance and to pay related fees and
expenses. This transaction extends the
average maturity of the Company's debt at competitive interest rates, including
some favorable fixed rate debt, in a currency in which the Company has
significant investments, while strengthening the Company's overall liquidity
and financial profile in support of its long-term business objectives.
notes were offered in the United States to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and to non-U.S. persons in reliance on Regulation
S under the Securities Act. The notes have not been registered under the
Securities Act and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.
news release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
Statements contained in this press release
which are not historical fact constitute "Forward-Looking
Statements." Actual results may differ materially due to numerous
important factors that are described in Federal-Mogul's most recent report to
the SEC on Form 10-K and include, but
are not limited to, the Company's ability to successfully integrate and achieve
the anticipated synergies from recent acquisitions, fluctuations in domestic or
foreign vehicle production, fluctuations in the demand for vehicles containing
our products, the Company's ability to generate cost savings or manufacturing
efficiencies to offset or exceed contractually or competitively required price
reductions or price reductions to obtain new business, conditions in the
automotive industry, and corresponding effects and general global and regional
economic conditions. Federal-Mogul does not intend or assume any obligation to
update any forward-looking statements.
Federal-Mogul LLC is a leading global supplier of products and services
to the world's manufacturers and servicers of vehicles and equipment in the
automotive, light, medium and heavy-duty commercial, marine, rail, aerospace,
power generation and industrial markets. The Company's products and services
enable improved fuel economy, reduced emissions and enhanced vehicle safety.
Federal-Mogul operates two independent business divisions, each with a
chief executive officer reporting to Federal-Mogul's Board of Directors.
Federal-Mogul Powertrain designs and manufactures original equipment
powertrain components and systems protection products for automotive,
heavy-duty, industrial and transport applications.
Motorparts sells and distributes a broad portfolio of products through more
than 20 of the world's most recognized brands in the global vehicle
aftermarket, while also serving original equipment vehicle manufacturers with
products including braking, wipers and a range of chassis components. The Company's
aftermarket brands include ANCO® wipers; Beck/Arnley® premium OE quality parts and fluids; BERU®* ignition systems; Champion® lighting, spark plugs, wipers
and filters; Interfil® filters; AE®, Fel-Pro®, FP Diesel®, Goetze®, Glyco®,
Nüral®, Payen® and Sealed Power® engine products; MOOG® chassis components; and
Ferodo®, Jurid® and Wagner® brake products and lighting.
Federal-Mogul was founded in Detroit in 1899 and maintains its worldwide
headquarters in Southfield, Michigan. The Company has nearly 53,000 employees
globally. For more
information, please visit www.federalmogul.com
*BERU is a registered trademark of BorgWarner
Jim Zabriskie Susan
Federal-Mogul LLC Federal-Mogul
(248) 354-8673 +1