Item 8.01 Other Events.
As previously disclosed in a Current Report on Form 8-K, filed on January 28,
2020, BorgWarner Inc., a Delaware corporation (the "Company"), entered into a
Transaction Agreement, dated January 28, 2020, as amended on May 6, 2020 (the
"Agreement"), by and between the Company and Delphi Technologies PLC, a public
limited company formed under the laws of the Bailiwick of Jersey ("Delphi
Technologies"), pursuant to which the Company, or one of its subsidiaries, will
acquire Delphi Technologies in an all-stock transaction (the "Transaction").
Following the consummation of the Transaction, Delphi Technologies will become a
wholly-owned subsidiary of the Company.
On September 2, 2020, the Company announced, in connection with the Transaction,
that it is commencing a private exchange offer (the "Exchange Offer") and
related consent solicitation (the "Consent Solicitation") with respect to Delphi
Technologies' outstanding 5.00% Senior Notes due 2025 (the "DT Notes").
Pursuant to the Exchange Offer, the Company is offering to issue, in a private
offering to eligible noteholders, new notes in exchange for any and all (to the
extent held by eligible holders) of the approximately $800 million aggregate
principal amount of the DT Notes. In addition, pursuant to the Consent
Solicitation, the Company is soliciting consents from the eligible noteholders
to amend the DT Notes and the related indenture under which they were issued to
eliminate substantially all of the restrictive covenants and events of default,
other than payment-related events of default and an event of default regarding a
guarantor's consolidation, merger or transfer or lease of all or substantially
all of its assets, and to eliminate the covenant relating to a change of control
triggering event in respect of Delphi Technologies.
The Exchange Offer and the Consent Solicitation is being made upon the terms and
conditions set forth in an offer to exchange and consent solicitation statement
dated September 2, 2020 (the "Offering Memorandum"), copies of which will be
made available to holders of the DT Notes eligible to participate in the
Exchange Offer. The Company's obligation to accept and exchange the DT Notes
validly tendered pursuant to the Exchange Offer is subject to certain conditions
as set forth in the Offering Memorandum, including the consummation of the
Transaction, which is expected to occur in 2020.
A copy of the press release issued by the Company is attached as Exhibit 99.1
hereto and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished as part of this
Report.
Exhibit
Number Description
99.1 Press Release dated September 2, 2020
The cover page from this Current Report on Form 8-K, formatted as
104.1 Inline XBRL
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