Milwaukee, Wisconsin - Automotive seat maker and interiors specialist Johnson Controls Inc. (JCI) has completed its public offering, selling $450 million in equity units, and a further $402.5 million in notes.
JCI expects the net proceeds from the sale of the equity units of about $436.2 million, with net proceeds from the notes to be about $392.1 million, after deducting fees and estimated expenses.
The seating and battery specialist had planned to raise $500 million from the offering, to repay short-term debts that have financed general operations.
JCI also plans to use the money to bring back business from distressed Tier 2 suppliers to its automotive unit, analysts said after a company conference call 10 March.
"
