Attached files
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EX-4.1 - EX-4.1 - ZF TRW AUTOMOTIVE HOLDINGS CORP | a13-24424_4ex4d1.htm |
EX-4.2 - EX-4.2 - ZF TRW AUTOMOTIVE HOLDINGS CORP | a13-24424_4ex4d2.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 21, 2013
TRW Automotive Holdings Corp.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-31970 |
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81-0597059 |
(Commission File Number) |
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(IRS Employer Identification No.) |
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12001 Tech Center Drive, Livonia, Michigan |
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48150 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (734) 855-2600
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
Senior Notes Indenture
On November 21, 2013, TRW Automotive Inc. (TAI), a subsidiary of TRW Automotive Holdings Corp. (the Company), closed its private offering of $400 million in aggregate principal amount of 4.45% Senior Notes due 2023 (the Senior Notes). The Senior Notes are senior unsecured obligations of TAI and are guaranteed on a senior unsecured basis by substantially all of TAIs existing and future direct and indirect wholly-owned domestic subsidiaries (collectively, the Guarantors) and by the Company.
The Senior Notes were issued under an indenture (the Senior Notes Indenture) dated as of November 21, 2013, among TAI, the Guarantors and The Bank of New York Mellon, as Trustee. Interest is payable on the Senior Notes on June 1 and December 1 of each year, beginning on June 1, 2014. The Senior Notes will mature on December 1, 2023. TAI may redeem some or all of the Senior Notes at a redemption price equal to 100% of their principal amount, plus the applicable make-whole premium, plus accrued and unpaid interest to the redemption date, although for any redemption on or after the 90th day prior to the scheduled maturity date, the redemption price will not include any make-whole premium.
The Senior Notes Indenture contains covenants that impose restrictions on TAI and its subsidiaries, including limitations on the ability of TAI and its subsidiaries to incur liens, enter into sale and leaseback transactions and engage in mergers or consolidations. These covenants are subject to a number of important qualifications and limitations.
The Senior Notes are (i) equal in right of payment to TAIs existing and future unsecured senior indebtedness, including TAIs existing senior notes and its 3.50% Exchangeable Senior Notes due 2015, (ii) senior in right of payment to TAIs future subordinated indebtedness, and (iii) effectively subordinated in right of payment to TAIs existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, and to all liabilities and preferred stock, if any, of each of TAIs current and future subsidiaries that do not guarantee the Senior Notes.
Upon the occurrence of a Change of Control Triggering Event (as defined in the Senior Notes Indenture), holders may require TAI to purchase all or a portion of their Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to the redemption date.
The Senior Notes Indenture contains customary events of default, including, among other things, payment default, covenant default and certain cross-default provisions linked to payment of other indebtedness of TAI or certain of its subsidiaries.
The Senior Notes were offered only to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the Act). The Senior Notes have not been, and will not be, registered under the Act and are subject to restrictions on transferability and resale.
The foregoing description of the Senior Notes Indenture does not purport to be a complete statement of the parties rights and obligations under such agreement and is qualified in its entirety by reference to the Senior Notes Indenture, which is attached hereto as Exhibit 4.1 and incorporated herein by reference.
This Current Report on Form 8-K does not constitute an offer to sell nor a solicitation of an offer
to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Use of Proceeds
After deducting the discounts, fees and estimated expenses of the initial purchasers of the Senior Notes (collectively, the Initial Purchasers), the net proceeds to TAI from the offering of the Senior Notes were approximately $395 million. TAI intends to use the net proceeds for general corporate purposes, including the retirement of its 2014 senior unsecured notes which mature in March 2014.
Material Relationships
Certain of the Initial Purchasers and their affiliates may make or have made investments directly or indirectly in the Company and have performed and in the future will continue to perform various investment banking, commercial banking and advisory services for the Company and its affiliates from time to time for which they have received or may receive customary fees and expenses. The Initial Purchasers (or their affiliates) are lenders under TAIs Eighth Amended and Restated Credit Agreement. The Initial Purchasers or their affiliates may also hold the Companys equity or TAIs debt securities from time to time.
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by this reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit No. |
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Description |
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4.1 |
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Indenture dated as of November 21, 2013 among TRW Automotive Inc., the guarantors party thereto and The Bank of New York Mellon, as trustee, pertaining to the 4.45% Senior Notes due 2023 |
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4.2 |
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Supplemental Indenture dated as of November 21, 2013 among TRW Automotive Holdings Corp., TRW Automotive Inc., the existing guarantors named therein and The Bank of New York Mellon, as trustee pertaining to the 4.45% Senior Notes due 2023 |
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4.3 |
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Form of 4.45% Senior Notes due 2023 (included in Exhibit 4.1) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TRW AUTOMOTIVE HOLDINGS CORP. | |
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Dated: November 21, 2013 |
By: |
/s/ Joseph S. Cantie |
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Joseph S. Cantie |
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Executive Vice President and Chief Financial Officer |