Filed Pursuant to Rule 424(b)(5)
Registration No. 333-281182
Prospectus Supplement
(To Prospectus dated August 1, 2024)
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Aptiv PLC |
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Aptiv Global Financing Designated Activity Company |
$500,000,000 6.875%
Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054
Aptiv PLC, a public limited
company incorporated under the laws of Jersey (the Issuer), and Aptiv Global Financing Designated Activity Company (formerly known as Aptiv Global Financing Limited), incorporated in Ireland and an indirect subsidiary of Aptiv PLC (the Co-Obligor and, together with Aptiv PLC, the Issuers), are offering $500,000,000 of 6.875% Fixed-to-Fixed Reset
Rate Junior Subordinated Notes due 2054 (the Notes). The Notes will bear interest (i) from and including the date of original issuance to, but excluding, December 15, 2029 at an annual rate of 6.875% and (ii) from and
including December 15, 2029, during each Interest Reset Period (as defined herein) at an annual rate equal to the Five-Year Treasury Rate (as defined in herein) as of the most recent Reset Interest Determination Date (as defined herein), plus
3.385%. The Notes will mature on December 15, 2054. Interest on the Notes will, subject to our right to defer interest payments (as described below), be payable semi-annually in arrears on June 15 and December 15 of each year,
beginning on June 15, 2025. See Description of NotesPrincipal, Maturity and Interest.
So long as no Event of Default (as defined
herein) with respect to the Notes has occurred and is continuing, we may, at our option, defer interest payments on the Notes on one or more occasions, from time to time, for up to 20 consecutive semi-annual Interest Payment Periods (as defined
herein). During any deferral period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes, and, in addition, interest on deferred interest will accrue at the then-applicable interest rate on the Notes,
compounded semi-annually, to the extent permitted by applicable law, as described in this prospectus supplement. See Description of NotesOption to Defer Interest Payments.
The Issuers may, at their option, redeem all or part of the Notes at the times and at the redemption prices described herein. See Description of
NotesRedemption. In addition, the Issuers may, at their option, redeem all, but not a part, of the Notes at any time in the event of certain developments affecting taxation as described herein. See Description of
NotesRedemptionTax Redemption.
The obligations under the Notes will initially be fully and unconditionally guaranteed by Aptiv
Corporation, a Delaware corporation and an indirect subsidiary of Aptiv PLC (the Guarantor). The Notes and the guarantee will be general unsecured and subordinated obligations of the Issuers and the Guarantor, respectively, and will rank
(a) junior and subordinate in right of payment with all of the Issuers and the Guarantors respective existing and future Senior Indebtedness (as defined herein), including all of Aptiv PLCs outstanding notes, which are also
issued or guaranteed by Aptiv Corporation and Aptiv Global Financing Designated Activity Company, and borrowings under Aptivs credit facilities, and (b) equal in right of payment with all of the Issuers and the Guarantors
respective future unsecured indebtedness that may be incurred from time to time if the terms of such indebtedness provide that it ranks equally with the Notes in right of payment. The Notes and the guarantee will be effectively subordinated to any
of the Issuers and the Guarantors respective future secured debt to the extent of the value of the collateral securing such indebtedness. The Notes will be structurally subordinated to all liabilities of the Issuers respective
subsidiaries (other than the Guarantor). See Description of NotesRanking; Subordination.
Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Investing in the Notes involves risks. See Risk Factors beginning on page
S-8 of this prospectus supplement, as well as the risks set forth in our other filings with the Securities and Exchange Commission that are incorporated by reference in this prospectus supplement and the
accompanying prospectus.
The Issuers intend to apply to list the Notes on the New York Stock Exchange (the NYSE). If such a listing is
obtained, the Issuers will have no obligation to maintain such listing, and the Issuers may delist the Notes at any time. There is currently no established trading market for the Notes.
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Price to Public (1) |
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Underwriting Discount |
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Proceeds to the Issuers, Before Expenses |
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Per Note |
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100.000 |
% |
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1.000 |
% |
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99.000 |
% |
Total |
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$ |
500,000,000 |
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$ |
5,000,000 |
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$ |
495,000,000 |
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(1) |
Plus accrued interest from September 13, 2024, if settlement occurs after that date. |
The Issuers expect that delivery of the Notes will be made to investors in book-entry form only through the facilities of The Depository Trust Company and its
participants, including Clearstream Banking, société anonyme (Clearstream) and Euroclear Bank SA/NV (Euroclear), on or about September 13, 2024.
Joint Book-Running Managers
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J.P. Morgan |
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Goldman Sachs & Co. LLC |
Senior Co-Managers
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Barclays |
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BNP PARIBAS |
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BofA Securities |
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Citigroup |
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Deutsche Bank Securities |
Co-Managers
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SOCIETE GENERALE |
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SMBC Nikko |
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Standard Chartered Bank |
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TD Securities |
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Truist Securities |
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UniCredit Capital Markets |
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US Bancorp |
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Wells Fargo Securities |
September 9, 2024