LIVONIA, Mich. (AP) -- Car parts maker TRW Automotive Holdings Corp. said Wednesday that subsidiary TRW Automotive Inc. priced a previously announced offering of $250 million of senior unsecured notes.

The debt is due in 2017 and will have an interest rate of 8.875 percent. The company said the notes will be issued at a price that is equal to 99.292 percent of their face value.

The transaction is expected to close on Monday.

The subsidiary plans to put $124 million of the proceeds toward paying back existing loans and the rest for general corporate uses.