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Aptiv PLC (NYSE: APTV), a global technology company enabling the future of mobility, today announced Richard L. "Rick" Clemmer has been named to its board of directors, effective as of July 1, 2020.
Moody's Investors Service, ("Moody's") has today confirmed the senior unsecured ratings of Aptiv Plc (Aptiv, or the group) at Baa2. Concurrently, Moody's has also confirmed the senior unsecured notes issued by the group's subsidiary Aptiv Corporation (formerly Delphi Corporation) at Baa2. The outlook on the ratings changed to stable from ratings under review.
Aptiv PLC (NYSE: APTV) (the "Company") today announced the pricing of concurrent offerings of 13,173,495 ordinary shares at a price to the public of $75.91 per share (the "Ordinary Shares Offering") and 10,000,000 5.50% Series A Mandatory Convertible Preferred Shares (the "mandatory convertible preferred shares") at a price to the public of $100.00 per share (the "Preferred Shares Offering," and together with the Ordinary Shares Offering, the "Offerings"). The Company has granted the underwriters of the Ordinary Shares Offering, a 30-day option to purchase up to an additional 1,976,024 ordinary shares and the underwriters of the Preferred Shares Offering, a 30-day option to purchase up to an additional 1,500,000 mandatory convertible preferred shares, solely to cover over-allotments, if any. The Offerings are expected to close on June 12, 2020, subject to customary closing conditions.
Aptiv PLC (NYSE: APTV) (the "Company") today announced that it has commenced concurrent proposed offerings of $1.0 billion of ordinary shares (the "Ordinary Shares Offering") and $1.0 billion of Series A Mandatory Convertible Preferred Shares (the "mandatory convertible preferred shares") (the "Preferred Shares Offering," and together with the Ordinary Shares Offering, the "Offerings"). The Company expects to grant the underwriters of the Ordinary Shares Offering, a 30-day option to purchase up to an additional $150.0 million of ordinary shares and the underwriters of the Preferred Shares Offering, a 30-day option to purchase up to an additional $150.0 million of mandatorily convertible preferred shares, solely to cover over-allotments, if any. Neither the completion of the Ordinary Shares Offering nor the Preferred Shares Offering is contingent upon the completion of the other. The Offerings are both subject to market and other conditions, and there can be no assurance as to whether or when either of the Offerings may be completed, if at all, or as to the actual size or terms of either of the Offerings. The Company intends to use the net proceeds from the Offerings for general corporate purposes, which may include, without limitation and in the Company's sole discretion, funding potential future investments (including acquisitions), capital expenditures, working capital, repayment of outstanding indebtedness, and satisfaction of other obligations. Unless earlier converted, each mandatory convertible preferred share will automatically convert into a variable number of shares of the Company's ordinary shares on or around June 15, 2023. The conversion terms, dividend rate and the other terms of the mandatory convertible preferred shares will be determined at the time of pricing of the Preferred Shares Offering.
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Aptiv PLC (NYSE: APTV), a global technology company focused on making mobility safer, greener and more connected, today reported first quarter 2020 U.S. GAAP earnings of $6.14 per diluted share, which includes a gain of $5.63 per diluted share resulting from the completion of Aptiv's autonomous driving joint venture with Hyundai Motor Group ("Hyundai"). Excluding special items, first quarter earnings totaled $0.68 per diluted share. These results include the adverse impacts of global vehicle production declines of 24% in the first quarter, largely resulting from the ongoing impacts of the novel coronavirus ("COVID-19") pandemic.
Aptiv PLC (NYSE: APTV) will release its first quarter 2020 financial results on May 5, and will hold an investor call the same day at 8 a.m. EDT. The call will be hosted by Aptiv's President and Chief Executive Officer, Kevin Clark, and Senior Vice President and Chief Financial Officer, Joseph Massaro.
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