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American Axle tenders for 6¼% notes due 2021, aims to cut call notice
By Susanna Moon
Chicago, March 12 – American Axle & Manufacturing Holdings Inc. said wholly owned subsidiary American Axle & Manufacturing, Inc. is tendering for its 6¼% senior notes due 2021 as well as soliciting consents to amend the indenture.
Holders who tender their notes before the early deadline of 5 p.m. ET on March 23 will receive the total amount of $1,018.75 for each $1,000 principal amount.
The total amount includes an early tender premium of $30.00 per $1,000 principal amount.
Holders will also receive accrued interest up to but excluding the settlement date.
The tender offer will end at 11:59 p.m. ET on April 9.
Tendered notes may be withdrawn before the early deadline.
Along with the offer, the company is soliciting consents from a majority of holders to eliminate most of the note covenants and some default provisions as well as to reduce the call notice required to two business days from 30 days, according to a company announcement.
The tender offer contains a financing condition. There is no minimum amount of notes that must be tendered and the tender is not conditioned upon the consent solicitation.
Holders who tender their notes in the offer will be deemed to have delivered their consents, and they may not tender their notes without delivering consents.
D.F. King & Co., Inc. (866 829-0541, 212 269-5550 or axl@dfking.com) is the tender and information agent. Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent.
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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