NEW YORK (Standard&Poor's) Oct. 13, 2004--TRW Automotive Holdings Corp. (Holdings; unrated) announced today that it will repurchase for $493.5 million (net amount adjusted for various contractual issues associated with the acquisition of TRW) seller notes it issued to an affiliate of Northrop Grumman Corp. (BBB/Stable/--). Standard&Poor's Ratings Services said the repurchase will have no impact on its debt ratings or outlook on the operating company, TRW Automotive Inc. (TRW; BB+/Stable/-). TRW will finance the repurchase with a newly issued bank term loan and cash on hand, and with existing liquidity arrangements. Pro forma for the transaction at June 30, 2004, net debt (cash in excess of $200 million netted against debt) to adjusted EBITDA at the
