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DLPH

Delphi

$100.42

2.53 (2.58%)

12:26
09/15/17
09/15
12:26
09/15/17
12:26

Delphi jumps after achieving 'major' milestone in Powertrain Systems spin-off

Earlier today, Delphi Automotive announced the pricing of a private offering of notes by its Powertrain Systems spin-off subsidiary, Delphi Jersey Holdings, marking a major milestone in the execution of its planned spin-off of its Powertrain Systems business. DPS issued $800M of senior notes bearing an interest rate of 5.00% and maturing in 2025. The offering was upsized from the previously announced $750M aggregate principal amount as a result of strong investor interest and is expected to close on September 28,. Additionally, on September 7, DPS and Delphi Powertrain Corporation, a wholly-owned U.S. subsidiary of DPS, entered into a credit agreement by and among DPS, Delphi Powertrain and JPMorgan Chase Bank. The Credit Agreement consists of a senior secured five-year $750 million term loan facility and a senior secured five-year $500M revolving credit facility. The credit facilities are expected to become available to DPS after the satisfaction of certain conditions customary for financings of this type, including the completion of the separation of DPS from Delphi by means of a spin-off and the establishment of DPS as a separate publicly traded company. Shares of Delphi are up 2.3% to $100.17 per share in midday trading. "These financings mark another important milestone in our process toward completing the spin-off of our Powertrain Systems business," said Kevin Clark, president and chief executive officer. "The strong demand for participation in the Credit Facilities and the Notes offering demonstrates the strength of the business and confidence in its ability to successfully compete as a standalone company." Upon completion of the spin-off, DPS intends to use the proceeds from the Notes, together with borrowings under the $750 million term loan, to fund operating cash, pay taxes, fees and expenses related to the spin-off, and distribute a dividend to Delphi.

  • 19

    Sep

DLPH Delphi
$100.42

2.53 (2.58%)

08/17/17
BARD
08/17/17
NO CHANGE
BARD
Outperform
Auto suppliers are compelling and should be bought, says Baird
Baird analyst David Leiker believes the auto suppliers are compelling and should be bought. He noted the auto supplier universe reported growth of 4% organic growth and 10-15% earnings growth in a no growth global production environment during Q2, validating their attractiveness. His top ideas include Visteon (VC), Borg Warner (BWA), Adient (ADNT), and Delphi (DLPH).
08/03/17
DBAB
08/03/17
NO CHANGE
Target $107
DBAB
Buy
Delphi price target raised to $107 from $99 at Deutsche Bank
Deutsche Bank analyst Rod Lache raised his price target for Delphi Automotive to $107 saying he's impressed bt th epace of the company's new business wins. The analyst keeps a Buy rating on the shares.
06/22/17
DBAB
06/22/17
DOWNGRADE
DBAB
Hold
Dana Holding downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Rod Lache downgraded Dana Holding (DAN) to Hold from Buy, noting that the stock has risen to within 5% of the firm's target. Looking at the broader space, he contends that the backdrop remains unfavorable for Auto/Auto Parts stocks, though select suppliers can outperform if SAAR moderates slowly. Lache maintains Buy ratings on BorgWarner (BWA), Delphi (DLPH), and American Axle (AXL), which he views as having favorable near-term set-ups.
06/21/17
GUGG
06/21/17
INITIATION
Target $104
GUGG
Buy
Delphi initiated with a Buy at Guggenheim
Guggenheim analyst Emmanuel Rosner started Delphi with a Buy rating and $104 price target.

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