Lear Corporation (LEA - Free Report) has announced the closing of the earlier-announced offering of $750 million aggregate principal amount of 3.80% senior unsecured notes. For the Southfield, MI-based company, this move is expected to boost the financial flexibility and position it well to take advantage of conducive market conditions.
Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The company utilized the net proceeds generated from the refinancing transactions for redeeming $500 million senior unsecured notes due 2023, lowering the borrowings under the term-loan facility by around $200 million, for paying fees and expenses in relation to the refinance transactions and for general corporate purposes. This has given a boost to the financial flexibility of the company.
The closing of the refinance transaction follows the completion of a new $2 billion credit agreement announced on Aug 8, 2017. The new credit arrangements include $1.75 billion revolving credit facility and a $250 million term-loan facility.
Lear Corporation’s shares have lost 2.3% in the last three months, underperforming the 4.9% increase of the industry it belongs to.
Lear Corporation currently carries a Zacks Rank #3 (Hold).
A few better-ranked automobile stocks are Ferrari N.V. (RACE - Free Report) , Fox Factory Holding Corp. (FOXF - Free Report) and Cummins Inc. (CMI - Free Report) . While Ferrari N.V. sports a Zacks Rank #1 (Strong Buy), both Fox Factory Holding and Cummins carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ferrari has an expected earnings growth rate of 14.1% in the long run.
Fox Factory has a long-term growth rate of 16%.
Cummins has an expected long-term earnings growth rate of 12%.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Lear Corporation (LEA - Free Report) has announced the closing of the earlier-announced offering of $750 million aggregate principal amount of 3.80% senior unsecured notes. For the Southfield, MI-based company, this move is expected to boost the financial flexibility and position it well to take advantage of conducive market conditions.
Lear Corporation is a leading global supplier of automotive seating systems, electrical distribution systems and electronics. The company utilized the net proceeds generated from the refinancing transactions for redeeming $500 million senior unsecured notes due 2023, lowering the borrowings under the term-loan facility by around $200 million, for paying fees and expenses in relation to the refinance transactions and for general corporate purposes. This has given a boost to the financial flexibility of the company.
The closing of the refinance transaction follows the completion of a new $2 billion credit agreement announced on Aug 8, 2017. The new credit arrangements include $1.75 billion revolving credit facility and a $250 million term-loan facility.
Lear Corporation’s shares have lost 2.3% in the last three months, underperforming the 4.9% increase of the industry it belongs to.
Lear Corporation currently carries a Zacks Rank #3 (Hold).
A few better-ranked automobile stocks are Ferrari N.V. (RACE - Free Report) , Fox Factory Holding Corp. (FOXF - Free Report) and Cummins Inc. (CMI - Free Report) . While Ferrari N.V. sports a Zacks Rank #1 (Strong Buy), both Fox Factory Holding and Cummins carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ferrari has an expected earnings growth rate of 14.1% in the long run.
Fox Factory has a long-term growth rate of 16%.
Cummins has an expected long-term earnings growth rate of 12%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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