Aptiv subsidiary launches $1.5 billion debt offering for spinoff
Aptiv PLC's subsidiaries, Cyprium Corporation and Cyprium Holdings Luxembourg S.à r.l., have initiated a private offering of $1.5 billion in senior notes to fund a dividend to Aptiv as part of a planned spinoff of its Electrical Distribution Systems segment. The offering, consisting of senior notes due 2031 and 2034, is intended to leave Versigent Limited, the holding company for the segment, with $300 million cash on its balance sheet after the transaction. Aptiv's stock (APTV) is currently trading at $71.40, down approximately 6% over the past week, yet InvestingPro analysis suggests it may be undervalued.
https://www.investing.com/news/company-news/aptiv-subsidiary-launches-15-billion-debt-offering-for-spinoff-93CH-4541255