Published on 8/16/2021 in the Prospect News High Yield Daily.
New Issue: American Axle prices $600 million eight-year notes at par to yield 5%
By Paul A. Harris
Portland, Ore., Aug. 16 – American Axle & Manufacturing, Inc. priced a $600 million issue of eight-year senior notes (B2/B+) at par to yield 5% in a Monday drive-by, according to market sources.
The yield printed on top of yield talk and tight to initial guidance in the 5% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and BMO Capital Markets Corp.
The Detroit-based drivetrain components manufacturer plans to use the proceeds plus cash on hand to fully redeem its 6¼% notes due 2025.
| Issuer: | American Axle & Manufacturing, Inc.
|
| Amount: | $600 million
|
| Maturity: | Oct. 1, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and BMO Capital Markets Corp.
|
| Senior co-managers: | PNC Capital Markets LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | Citizens Capital Markets Inc., Huntington Investment Co., Mizuho Securities USA Inc., KeyBanc Capital Markets Inc. and HSBC Securities (USA) Inc.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| First call: | Oct. 1, 2024 at 102.5
|
| Trade date: | Aug. 16
|
| Settlement date: | Aug. 19
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | SEC registered
|
| Price talk: | 5%
|
| Marketing: | Drive-by
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
