Lear Corp., a supplier of automotive seating and electrical systems, has entered into a new credit agreement to refinance its existing credit facilities. The new credit agreement consists of a $1.75 billion revolving credit facility and a $250 million term loan facility. Lear says it initiated these financing actions to extend the maturity of its existing agreement, increase its financial flexibility and take advantage of attractive market conditions.
The revolving credit facility and the term loan facility will mature on Aug. 8, 2022. In addition, the new credit agreement contains revised covenants, providing Lear with greater operating flexibility than its previous credit facility.
Lenders under the new credit agreement include JPMorgan Chase Bank N.A., HSBC Securities (USA) Inc., Bank of America, Barclays Bank PLC and Citibank N.A.