American Axle announces $1.2 billion senior notes offering

By Paul A. Harris

Portland, Ore., March 6 – American Axle & Manufacturing Inc., a wholly owned subsidiary of American Axle & Manufacturing Holdings Inc., announced in a Monday press release that it plans to sell $1.2 billion of senior notes in a private offering.

The company expected to put in place a $2.45 billion credit facility that is being arranged by J.P. Morgan LLC.

Proceeds will be used to fund the acquisition of Metaldyne Performance Group Inc., as well as to refinance debt under American Axle's existing senior secured revolving credit facility and certain existing Metaldyne debt, with the remainder, if any, to be used for general corporate purposes.

American Axle is a Detroit-based manufacturer and designer of driveline and drivetrain systems and related components and modules, chassis systems, electric drive systems and metal-formed products.

Metaldyne is a Plymouth, Mich.-based provider of highly engineered lightweight components for use in powertrain and suspension applications for the vehicle markets.

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