STOCKHOLM -- (Business Wire)
Regulatory News:
Autoliv, Inc. (NYSE:ALV) (STO:ALIVSDB), the worldwide leader in
automotive safety systems, announced today that $1.25 billion of
long-term debt securities have been issued and sold as part of the
Company’s previously communicated strategy of adjusting its capital
structure.
The senior notes were issued by Autoliv ASP, Inc., a wholly owned
subsidiary of the Company (which acted as guarantor) pursuant to a Note
Purchase and Guaranty Agreement dated April 23, 2014. The notes have an
average interest rate of approximately 3.84%, and consist of five series
of varying sizes maturing between 2019 and 2029:
$208 million of 5-year senior notes with an interest rate of 2.84%
$275 million of 7-year senior notes with an interest rate of 3.51%
$297 million of 10-year senior notes with an interest rate of 4.09%
$285 million of 12-year senior notes with an interest rate of 4.24%
$185 million of 15-year senior notes with an interest rate of 4.44%
This debt issuance should support the Company to achieve its long term
leverage ratio target of around one time. The proceeds of the guaranteed
senior notes will be used to refinance existing debt in light of
scheduled maturities and for general corporate purposes.
“We are very pleased with the response to our debt offering which
resulted in favorable terms and conditions. This positive response
provided an opportunity to better align our long-term debt with our
long-term leverage ratio target”, said Mats Wallin, CFO of Autoliv Inc.
For further details, please see the Company’s report on Form 8-K as
filed with the Securities and Exchange Commission on April 25, 2014.
Autoliv offered the notes principally to institutional investors in an
offering made pursuant to the exemption from registration requirements
under Section 4(a)(2) of the Securities Act of 1933, as amended (the
“Act”). The offering has not been and will not be registered under the
Act and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Act.
About Autoliv
Autoliv, Inc., the worldwide leader in automotive safety systems,
develops and manufactures automotive safety systems for all major
automotive manufacturers in the world. Together with its joint ventures,
Autoliv has more than 80 facilities with over 56,000 employees in 29
countries. In addition, the Company has ten technical centers in nine
countries around the world, with 21 test tracks, more than any other
automotive safety supplier. Sales in 2013 amounted to US $8.8 billion.
The Company's shares are listed on the New York Stock Exchange (NYSE:
ALV) and its Swedish Depository Receipts on the OMX Nordic Exchange in
Stockholm (ALIV sdb). For more information about Autoliv, please visit
our company website at www.autoliv.com.
Safe Harbor Statement
This report contains statements that are not historical facts but rather
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements include
those that address activities, events or developments that Autoliv, Inc.
or its management believes or anticipates may occur in the future. All
forward-looking statements, including without limitation, management’s
examination of historical operating trends and data, as well as
estimates of future sales, operating margin, cash flow, effective tax
rate or other future operating performance or financial results, are
based upon our current expectations, various assumptions and data
available from third parties. Our expectations and assumptions are
expressed in good faith and we believe there is a reasonable basis for
them. However, there can be no assurance that such forward-looking
statements will materialize or prove to be correct as forward-looking
statements are inherently subject to known and unknown risks,
uncertainties and other factors which may cause actual future results,
performance or achievements to differ materially from the future
results, performance or achievements expressed in or implied by such
forward-looking statements. Because these forward-looking statements
involve risks and uncertainties, the outcome could differ materially
from those set out in the forward-looking statements for a variety of
reasons, including without limitation, changes in global light vehicle
production; fluctuation in vehicle production schedules for which the
Company is a supplier, changes in general industry and market
conditions, changes in and the successful execution of our capacity
alignment, restructuring and cost reduction initiatives discussed herein
and the market reaction thereto; loss of business from increased
competition; higher raw material, fuel and energy costs; changes in
consumer and customer preferences for end products; customer losses;
changes in regulatory conditions; customer bankruptcies or divestiture
of customer brands; unfavorable fluctuations in currencies or interest
rates among the various jurisdictions in which we operate; component
shortages; market acceptance of our new products; costs or difficulties
related to the integration of any new or acquired businesses and
technologies; continued uncertainty in pricing negotiations with
customers, our ability to be awarded new business; product liability,
warranty and recall claims and other litigation and customer reactions
thereto; higher expenses for our pension and other postretirement
benefits; work stoppages or other labor issues; possible adverse results
of pending or future litigation or infringement claims; negative impacts
of antitrust investigations or other governmental investigations and
associated litigation (including securities litigation) relating to the
conduct of our business; tax assessments by governmental authorities and
changes in our effective tax rate; dependence on key personnel;
legislative or regulatory changes limiting our business; political
conditions; dependence on and relationships with customers and
suppliers; and other risks and uncertainties identified under the
headings “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in our Annual Reports and
Quarterly Reports on Forms 10-K and 10-Q and any amendments thereto. The
Company undertakes no obligation to update publicly or revise any
forward-looking statements in light of new information or future events.
For any forward-looking statements contained in this or any other
document, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of
1995, and we assume no obligation to update any such statement.
This information was brought to you by Cision http://news.cision.com
Contacts:
Autoliv
Mats Wallin
Chief Financial Officer
Tel +46-8-587
20 600
or
Ray Pekar
VP Investor Relations Americas
Tel
+1-248 475 0427
Source: Autoliv
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