Lear Corp., a global supplier of automotive seating and electrical systems, has completed its previously announced offering of $750 million aggregate principal amount of 3.80 percent senior unsecured notes due 2027. The offering follows the closing of a new $2 billion credit agreement announced Aug. 8, 2017.

The company used the net proceeds from these refinancing transactions to issue an irrevocable notice of redemption to redeem $500 million aggregate principal amount of the company’s 4.75 percent senior unsecured notes due 2023, reduce borrowings under the term loan facility by approximately $200 million, pay fees and expenses in connection with such refinancing transactions and for general corporate purposes. Following the refinancing transactions, the company says it has extended its maturity profile, lowered its bond interest rate and increased its financial flexibility.

“Our recently completed financing activity represents an important first step in transitioning our debt structure to reflect our investment grade ratings and profile,” said Jeff Vanneste, the company’s senior vice president and chief financial officer. “These transactions take advantage of attractive market conditions and will allow Lear to maintain one of the strongest balance sheets in the industry.”