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Johnson Controls has announced that Adient, which is to become the world’s largest supplier of automotive seating, is preparing to secure its capital structure before it is finally spun off this Autumn.
Adient is said to be in discussions with lenders to secure its capital before becoming the world’s leader is automotive seating supplies, with manufacturing plants around the globe.
Based in Milwaukee, Wisconsin, U.S, it will be headed by incoming Chief Executive Bruce McDonald, who is currently the Vice-Chairman of Johnson Controls.
Adient is said to target a total debt of US$3.5 billion, including US$2 billion in bonds and a U$1.5 billion five-year term loan as well as it plans to have a US$1.5 billion revolving credit facility.
"Adient is pursuing a solid and flexible capital structure with strong liquidity to support our robust business plan," said McDonald. "It is well positioned for long-term success given its strong market position, improving earnings profile and consistent ability to generate cash”, he added.
The company expects to have its capital structure in place for September 2016, and is planned to be spun off from the new Johnson Controls once Johnson Controls and Tyco International complete their merger this Autumn.
Source: Journal Sentinel