Aptiv plc has announced a cash tender offer to purchase several series of senior notes, including the 3.250% senior notes due 2032, 5.150% senior notes due 2034, 5.750% senior notes due 2054, 5.400% senior notes due 2049, 4.400% senior notes due 2046, 4.150% senior notes due 2052, and 3.100% senior notes due 2051. The total aggregate consideration for the tender offer is up to $1,350,000,000.
The tender offer is subject to certain conditions, including the completion of the previously announced separation of Aptiv's electrical distribution systems business into a new independent publicly traded company named Versigent. Additionally, the offer is contingent on Aptiv receiving a special dividend from Versigent in an amount not less than $1,700,000,000.
The tender offer is set to expire on April 3, 2026, unless extended, and the early tender deadline is March 19, 2026. Holders of notes subject to the tender offer must tender and not withdraw their notes before the early tender deadline to receive the total tender offer consideration. The settlement date is expected to be April 7, 2026.
The company has also appointed Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC as the dealer managers for the tender offer, with Global Bondholder Services Corporation serving as the tender and information agent.
The press release does not provide specific comparative metrics from the previous period or the changes in metrics. Following these announcements, the company's shares moved -4.84%, and are now trading at a price of $78.61. For more information, read the company's full 8-K submission here.
