04:55 AM EDT, 08/08/2024 (MT Newswires) -- BorgWarner ( BWA ) said on Wednesday that it has priced a public offering of $500 million of its 4.95% senior notes due 2029 and $500 million of its 5.4% senior notes due 2034.

The company said that it expects to receive approximately $987 million of net proceeds from the offering after deducting the underwriting discounts and the offering expenses.

The company said that it plans to use the net proceeds to repurchase any and all of its 3.375% senior notes due March 15, 2025 and 5% senior notes due Oct. 1, 2025 validly tendered and accepted for purchase in tender offers and to pay fees and expenses in connection with the tender offers. Any remaining proceeds will be used for general corporate purposes, the company added.

The offering is expected to close on Aug. 16.

Price: 31.25, Change: -0.40, Percent Change: -1.26