American Axle to price $400 million seven-year notes Dec. 7 week

By Paul A. Harris

St. Louis, Dec. 7 - American Axle & Manufacturing, Inc. began a roadshow on Monday for its $400 million offering of seven-year senior secured first-lien notes, according to an informed source.

The roadshow wraps up on Thursday.

The notes are expected to price before the end of the week.

J.P. Morgan Securities Inc. and Bank of America Merrill Lynch are joint bookrunners for the Rule 144A and Regulation S for life notes offer. Comerica Investments, KeyBanc Capital Markets Inc. and US Bancorp are co-managers.

The notes come with four years of call protection. However 10% of the notes will become callable immediately at 103.

The company's existing first-lien ratings are B3 from Moody's Investors Service and B- from Standard & Poor's.

Proceeds will be used to repay term loan debt.

The prospective issuer is a Detroit based automotive supplier.

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