BorgWarner launches cash tender offers for up to $720 million of senior notes

BorgWarner launched cash tender offers for senior notes, including an any-and-all offer for its 7.125% Senior Notes due 2029.

Waterfall offers cover four other senior note series, capped at $720 million total; there is a $250 million sub-cap for 2.650% Senior Notes due 2027.

Pricing is set on Aug. 14 using Treasury reference yields plus fixed spreads; the offers expire Aug. 14, and settlement is expected Aug. 18.

The company plans to notify holders of any remaining 7.125% Senior Notes due 2029 for redemption on Sept. 9 at a make-whole price.