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Sensata buys $95.8M in senior notes in offering

Fri, 03/26/2010 - 7:30am
The Associated Press

Sensata Technologies BV said Friday it bought back $95.8 million in senior notes due 2014 and 2016.

Sensata is buying notes using some of the proceeds from the initial public offering of its parent company, Sensata Technologies Holding NV. The holding company was the sensors and controls unit of Texas Instruments until it went public earlier this month.

The Dutch company's offer was scheduled to expire March 18, but Sensata extended it by a week. The IPO raised $568.8 million, making it the largest IPO of 2010, and Sensata Technologies said it plans to use $350 million of the proceeds to reduce the holding company's debt.

In morning trading, Sensata Technologies Holding shares rose 3 cents to $18.03.

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