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Motherson Sumi Systems has informed BSE that Samvardhana Motherson Automotive Systems Group B.V., Netherlands, its subsidiary and joint venture with Samvardhana Motherson International Ltd, has announced the closing of its offering of €500,000,000. The offering, which is for Samvardhana Motherson Reflectec and Samvardhana Motherson Peguform, is the aggregate principal amount of Senior Secured Notes due in 2021. The net proceeds from the issuance and sale of the senior secured notes will be used, in combination with borrowings under new revolving credit facilities and certain factoring agreements, to prepay in full and to cancel certain existing third-party debt, certain finance leases and shareholder loans.
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