TI Automotive Limited (TI) is open to expressions of interest but will look at an opportunistic refinancing of its capital structure in the absence of a sale. TI is a global supplier of fully integrated fuel storage and delivery systems for cars and trucks. In terms of a refi, management have expressed a preference for a LBO-style capital structure to give them greater flexibility both from a liquidity and managerial standpoint. TI was formed by the merger between TI Group and Smiths Group in July 2001. Ownership is split 55% between institutional and private investors, 25% management and 20% Smiths Group. Smiths Group also holds £325m TI preference shares which are redeemable only on full payment of the senior facilities.