TRW Automotive completes credit refinancing

TRW Automotive Holdings Corp. says it refinanced $1.7 billion of its existing $2.0 billion credit facilities with $1.9 billion of new credit, including a $900 million revolving credit line, a $400 million tranche A term loan, and a $600 million tranche B term loan. The firm retained a $300 million tranche E term loan that closed in November.

Proceeds from the new credit facilities will be used to refinance existing credit facilities and to pay fees and expenses related to the financing. The initial draw under the new credit facilities is expected to occur in January.