Lear to offer senior notes, buy back more shares

Mon Jan 14, 2013 7:27am EST

Jan 14 (Reuters) - Auto parts maker Lear Corp plans to offer senior notes and establish a new credit facility, increasing its liquidity by $1 billion.

The company also boosted its share repurchase program by $800 million to $1.5 billion, saying its shares were undervalued.

Lear, which reaffirmed its 2012 forecast, said it expects 2013 sales of $15 billion to $15.5 billion.

Analysts were expecting $15.02 billion, according to Thomson Reuters I/B/E/S.