Faurecia in €350 Million Debut High Yield Notes Offering

November 9, 2011

Cleary Gottlieb was counsel to Faurecia in a Regulation S offering of €350 million of 9.375% senior notes due 2016. The offering of the notes priced on November 3 and closed on November 9. The notes are listed on the Euro MTF market of the Luxembourg Stock Exchange. The Joint Lead Managers for the offering were Credit Agricole Corporate and Investment Bank and Natixis.

Faurecia is a leading automotive equipment supplier that furnishes auto seats, interiors and other automobile components to the world’s major automobile companies, including GM, Ford, Peugeot, VW and others. Its 2010 total sales were €13.8 billion. Faurecia’s principal shareholder is Peugeot, which owns approximately 57.4% of its capital. Thirty of Faurecia’s subsidiaries located in eight countries provided guarantees for the notes.

The issuance of the notes was part of a broader refinancing that will allow Faurecia to repay amounts outstanding under its existing syndicated loan agreement and under its line of credit extended by Peugeot prior to the establishment of a new syndicated credit facility. When the refinancing is completed, Faurecia’s financings will no longer be subject to a requirement that Peugeot hold a minimum percentage of Faurecia’s shares.