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Metaldyne Performance Group plans to redeem 7 3/8% notes on April 6
By Angela McDaniels
Tacoma, Wash., March 6 – Metaldyne Performance Group Inc. issued a conditional notice of redemption for the 7 3/8% senior notes due 2022 issued by subsidiary MPG Holdco I Inc., according to an 8-K filing with the Securities and Exchange Commission.
The issuer plans to redeem all of the notes on April 6 at a redemption price equal to par plus the greater of 1% of par and the excess, if any, of (a) the present value on the redemption date of 105.531% of par plus all required interest payments due on the notes through Oct. 15, 2017 (excluding accrued interest to the redemption date), computed using a discounted rate equal to the Treasury rate plus 50 basis points, over (b) the outstanding principal of the notes as of the redemption date.
Holders will also receive accrued interest up to but excluding the redemption date.
The redemption is subject to some conditions, including the completion of the acquisition of Metaldyne by American Axle & Manufacturing Holdings, Inc.
Metaldyne is a Plymouth, Mich.-based provider of highly engineered lightweight components for use in powertrain and suspension applications for the vehicle markets.
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.
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