FY 2023 Second Quarter Earnings Call
Debt and capital structure
Net Debt
ADIENT
////
($ in millions)
Cash & Debt Profile
Cash & Cash Equivalents
ABL Revolver, incl. FILO due 2027 (1)
Term Loan B due 2028
7.00% Secured Notes due 2028
Total Secured Debt
3.50% Notes (€123mm) due 2024
4.875% Notes due 2026
8.25% Notes due 2031
Other LT debt
Other Bank Borrowings
Deferred issuance costs
Total Debt
March 31
2023
September 30
2022
3/31/2023
Amount
$
826
(in $ millions)
Cash
$
826
$
947
635
(2)
Total Debt
2,533
2,578
500
1,135
Net Debt
1,707
$
1,631
134
795
>
500
2
1
>
(34)
>
2,533
(1) Subject to ABL borrowing base availability. As of March 31, 2023, there were
no draws outstanding and approximately $973 million was available under the
ABL Credit Agreement.
Total liquidity of ~$1.8B at March 31, 2023 (cash on hand of ~$826M and ~$973M of
undrawn capacity under the revolving line of credit)
Adient's cash balance at March 31 reflects the impacts of:
~$28M of cash used to repurchase ~712,000 of its common shares,
demonstrating the company's commitment to enhancing shareholder value 2
The use of $100M of cash plus the proceeds from a $1B new USD senior notes
issuance to pay down about $750 million of its 3.5% EURO senior notes due 2024
and pre-pay $350 million of Adient's term loan B
The opportunistic refinancing extended the average tenor of Adient's debt portfolio
from ~3.4 to ~5 years
2- Subsequent to the quarter, repurchases of ~48,000 shares settled for ~$1.9M
FY2023 Second Quarter Earnings Call
Adient is successfully delivering on its commitment to maintain a strong balance sheet
while executing its enhanced capital allocation plan
Adient PUBLIC
May 3, 2023
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