SOUTHFIELD, Mich. -- Lear Corp. has commenced an offering of senior unsecured notes due 2018 and senior unsecured notes due 2020 in a $700 million underwritten public offering. The final terms of the offering will depend upon market conditions and other factors, the company said.

Lear intends to use the net proceeds from this offering, together with its current cash and cash equivalents, to repay in full amounts outstanding under its first lien credit facility and its second lien credit facility. The principal amounts outstanding under the first lien credit facility and the second lien credit facility are $375 million and $550 million, respectively.

Lear also announced that effective as of March 19, it entered into an amendment and restatement of its first lien credit facility providing for a new $110 million revolving credit facility. This revolving credit facility permits Lear to borrow for general corporate and working capital purposes and to issue letters of credit. The commitments under the revolving credit facility expire on March 19, 2013. The revolving credit facility is subject to terms and conditions substantially consistent with the terms and conditions of the first lien credit facility.

Additionally, on March 19, Lear entered into an amendment of its amended and restated first lien credit facility to facilitate, among other things, the issuance of the note offering by Lear referenced above and in connection therewith, to permit the application of the proceeds of such offering to prepay amounts outstanding under Lear's second lien credit facility and to permit the application of Lear's existing cash in connection with the repayment of remaining amounts outstanding under the second lien credit facility.

Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Barclays Capital Inc. and UBS Securities LLC are acting as joint book-running managers of the offering.