Adient's Debt Refinancing News Materially Improves Its Financial Health in Our View
We maintain our Adient fair value estimate after the seating supplier announced a balance sheet restructuring. We had been waiting for an asset sale or a balance sheet remake to give the company more time to fix its execution issues first disclosed in early 2018. The major debt maturity concerning us was a $1.2 billion Term Loan A due in July 2021. Adient intends to refinance this debt with $750 million of new senior secured bonds due in 2026 and a $750 million Term Loan B. The company has not d...
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