BorgWarner Issues Statement Regarding Delphi Technologies' Revolver Draw Down
AUBURN HILLS, Mich. , March 31, 2020 |PRNewswire| -- BorgWarner Inc. (NYSE: BWA ) today issued the following statement: On March 30, 2020 , BorgWarner Inc. (" BorgWarner " or " Company "), was informed that Delphi Technologies PLC, a public limited company incorporated under the Laws of the Bailiwick of Jersey (the " Delphi Technologies "), provided notice to the lenders pursuant to its Credit Agreement, dated September 7, 2017 , as amended, to draw the full available amount under the revolving facility thereunder (the " Revolver Draw "), resulting in a total of $500 million outstanding under the revolving facility. Following the Revolver Draw, on March 30, 2020 , BorgWarner sent a written notice to Delphi Technologies asserting that Delphi Technologies materially breached Section 5.1(b)(xii) of the Transaction Agreement, dated as of January 28, 2020 , between BorgWarner and Delphi Technologies (the " Agreement ") as a result of Delphi Technologies effecting the Revolver Draw without BorgWarner's prior written consent and asserting that, if such breach is not cured within 30 days, BorgWarner has the right to terminate the Agreement.
BorgWarner Issues Statement Regarding Delphi Technologies' Revolver Draw Down
AUBURN HILLS, Mich. , March 31, 2020 |PRNewswire| -- BorgWarner Inc. (NYSE: BWA ) today issued the following statement: On March 30, 2020 , BorgWarner Inc. (" BorgWarner " or " Company "), was informed that Delphi Technologies PLC, a public limited company incorporated under the Laws of the Bailiwick of Jersey (the " Delphi Technologies "), provided notice to the lenders pursuant to its Credit Agreement, dated September 7, 2017 , as amended, to draw the full available amount under the revolving facility thereunder (the " Revolver Draw "), resulting in a total of $500 million outstanding under the revolving facility. Following the Revolver Draw, on March 30, 2020 , BorgWarner sent a written notice to Delphi Technologies asserting that Delphi Technologies materially breached Section 5.1(b)(xii) of the Transaction Agreement, dated as of January 28, 2020 , between BorgWarner and Delphi Technologies (the " Agreement ") as a result of Delphi Technologies effecting the Revolver Draw without BorgWarner's prior written consent and asserting that, if such breach is not cured within 30 days, BorgWarner has the right to terminate the Agreement.