American Axle to price $400 million eight-year notes on Thursday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Feb. 14 - American Axle & Manufacturing Inc. plans to price $400 million senior notes due 2021 (existing ratings B2/B) on Thursday, according to a market source.

An investor call was held at 11 a.m. ET.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc. and RBC Capital Markets LLC are joint bookrunners.

KeyBanc Capital Markets LLC and U.S. Bancorp Investments Inc. are senior co-managers.

HSBC Securities (USA) Inc. and Huntington are co-managers.

The Securities and Exchange Commission-registered notes will be callable in three years at par plus 75% of the coupon.

The notes feature a 101% poison put, and proceeds will be used to tender for all of the company's existing 7 7/8% notes and for general corporate purposes.

The company manufactures, engineers, designs and validates vehicle driveline and drivetrain systems and related components and chassis modules.

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