Delphi (DLPH) Raises Price Of Senior Notes For DPS Spin-Off
Zacks Investment Research | Sep 17, 2017 10:10PM ET
Delphi Automotive PLC (NYSE:DLPH) reported pricing of notes offering by its Powertrain Systems spin-off subsidiary, Delphi Jersey Holdings plc (DPS), which marks a significant development for the company’s planned spin-off of Powertrain Systems business.
Senior notes worth $800 million have been issued by DPS with an interest rate of 5% and the year-of-maturity as 2025. The offering has been upsized from the previously determined principal amount of $750 million, thanks to investors’ growing interest. This offering is expected to close on Sep 28, 2017, subject to normal closing conditions.
In addition, DPS and its wholly-owned U.S. subsidiary, Delphi Powertrain Corporation (Delphi Powertrain), have entered into a credit agreement on Sep 7, 2017. The credit agreement includes two five-year senior notes, of which, one is a $750 million term loan facility while the other, a $500 million revolving credit facility.
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