SOUTHFIELD, Mich. -- Lear Corp. has priced an underwritten public offering of $350 million in aggregate principal amount of 7.875 percent senior notes due 2018, and $350 million in aggregate principal amount of 8.125 percent senior notes due 2020. The senior notes due 2018 were priced at 99.276 percent of par, resulting in a yield to maturity of 8 percent, and the senior notes due 2020 were priced at 99.164 percent of par, resulting in a yield to maturity of 8.25 percent.

Lear intends to use the net proceeds from this offering, together with its current cash and cash equivalents, to repay in full all amounts outstanding under the term loans provided under its first lien credit facility and its second lien credit facility. The principal amounts outstanding under the term loans provided under the first lien credit facility and the second lien credit facility are $375 million and $550 million, respectively. The offering is anticipated to close on March 26, subject to market and other conditions.

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.