BorgWarner Inc. announced that as the “Early Tender Deadline” on Sept. 16, $763.1 million in aggregate principal amount of outstanding 5.00% Senior Notes due 2025 of Delphi Technologies PLC, were validly tendered. This represents approximately 95.39% of the $800 million total outstanding principal amount of the DT Notes validly tendered and not validly withdrawn in connection with the previously announced private exchange offer made by BorgWarner on behalf of Delphi Technologies. As a result, BorgWarner has received the requisite number of consents to adopt certain proposed amendments to the DT Notes and the related indenture under which they were issued.
Eligible holders who validly tendered and did not validly withdraw their tendered DT Notes by the Early Tender Deadline will be eligible to receive BorgWarner Notes in the same principal amount as the DT Notes tendered therefor, plus cash consideration of $1 per $1,000 principal amount of DT Notes tendered.
In June, it was announced that Delphi shareholders approved the acquisition of the business by BorgWarner.