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Strengthened by its 2011 performance, with operating income up 43% to €651 million and net income up 84% at €371 million, Faurecia is fully deploying its strategy of profitable growth with a total sales objective of €20 billion in 2015, of which 50% are targetted outside Europe. In this context, Faurecia announced today its intention to raise an additional €140 million in aggregate principal amount of its 9.375% Senior Notes due December 2016.
Faurecia will use the net proceeds of the offering of these additional Notes primarily to reduce its outstanding debt, including the repayment of part of the revolving indebtedness under its corporate €1,150 million Senior Credit Facility. Faurecia does not intend to reduce the commitments thereunder, and repaid amounts may be redrawn in the future.
Faurecia had successfully issued in November 2011 €350 million of 2016 Senior Notes maturing in December 2016, which were listed on the Euro MTF market on November 9, 2011.
Crédit Agricole CIB and Natixis are acting as Joint Global Coordinators and Joint Bookrunners for the additional Notes offering. BNP Paribas and Société Générale Corporate & Investment Banking are acting as Joint Bookrunners. Citi is Co-Manager.