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BWA > SEC Filings for BWA > Form 8-K on 13-Mar-2014All Recent SEC Filings

Show all filings for BORGWARNER INC



Other Events

Item 8.01 Other Events.

On March 12, 2014, BorgWarner Inc. (the "Company") entered into a new commercial paper program (the "Program") on a private placement basis, pursuant to which the Company may issue up to $1 billion of short-term, unsecured commercial paper notes (the "Notes") outstanding at any time.

Under the Program, the Company may issue the Notes from time to time and will use the proceeds for general corporate purposes. The Program is backed by the Company's revolving credit facility. The Notes will be sold under customary terms in the commercial paper market and will rank pari passu with all of the Company's other unsecured and unsubordinated indebtedness. The interest rates will vary based on the ratings assigned to the Notes by credit rating agencies and market conditions at the time of issuance.

The definitive documents regarding the Program contain customary representations, warranties, covenants, defaults and indemnification provisions, and provide the terms under which the Notes will be sold pursuant to an exemption from the federal and state securities laws.

This report does not constitute an offer to sell, or the solicitation of an offer to buy, any Notes. The Notes have not been and will not be registered under the Securities Act of 1933, and may not be offered or sold except in reliance upon an exemption under the Securities Act.

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