Lear, a global supplier of automotive seating and electrical systems, entered into a new credit agreement to refinance its existing credit facilities.

The new credit agreement consists of a $1.75 billion revolving credit facility and a $250 million term loan facility. Lear initiated these financing actions to extend the maturity of its existing agreement, increase its financial flexibility and take advantage of attractive market conditions.

Lenders under the new credit agreement include JPMorgan Chase, HSBC Securities (USA), Bank of America, Barclays Bank and Citibank.

The revolving credit facility and the term loan facility will mature on August 8, 2022. In addition, the new credit agreement contains revised covenants, providing Lear with greater operating flexibility than its previous credit facility.