Affinia postpones $200 million note offering, suspends syndication of $340 million loan

By Paul A. Harris

St. Louis, Sept. 24 - Affinia Group Inc. suspended plans to syndicate a $340 million asset-based revolver and postponed its $200 million offering of Rule 144A senior secured notes due to market conditions, according to a Wednesday news release.

"Given recent volatility in the capital markets, Affinia Group Inc. has voluntarily chosen to suspend this proposed refinancing and may consider refinancing alternatives in the future, as market conditions allow," the company stated in the release.

JPMorgan was the lead on the debt financing.

The proceeds from the proposed offering of notes, together with the ABL revolver, would have been used to repay the company's existing senior secured credit facility and to finance the acquisition of HBM Investment Ltd., a Hong Kong company, and its wholly owned subsidiary, Longkou Haimeng Machinery Co. Ltd.

The acquisition of Longkou Haimeng Machinery is expected to proceed as planned and is expected to close in the fourth quarter of this year.

Ann Arbor, Mich.-based Affinia is an on- and off-highway replacement products and services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.