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American Axle & Manufacturing amends, restates credit facility
By Mary-Katherine Stinson
Lexington, Ky., March 14 – American Axle & Manufacturing Holdings, Inc. and its wholly owned subsidiary American Axle & Manufacturing, Inc. entered into an amended and restated credit agreement on March 11 that lists JPMorgan Chase Bank NA, as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The agreement refinances, upsizes and extends the maturity of the term loan A facility and extends the maturity of the revolving credit facility.
Specifically, the amended and restated credit agreement increased the principal amount of the term loan A to $350 million and extended the maturity of both the term loan and the revolver to March 11, 2027.
The revolver has $925 million of availability.
Pricing for the term A loan and the revolver was switched to SOFR with a 10 basis points adjustment for borrowings.
Pricing margins are still based on total net leverage and shift between SOFR plus the 10 bps adjustment plus 125 bps to 250 bps.
The commitment fee on the revolver is between 20 bps and 37.5 bps.
The terms of the term loan B facility, including the maturity date, interest rates and applicable margin with respect to such interest rates, under the amended and restated credit agreement remain unchanged.
Joint lead arrangers and joint bookrunners are JPMorgan Chase Bank, NA, Barclays, BMO Capital Markets Corp., BofA Securities, Inc., Citibank, NA, Mizuho Bank, Ltd. and RBC Capital Markets.
Co-syndication agents are Bank of America, NA, Bank of Montreal, Chicago Branch, Barclays, Citibank, NA, Mizuho Bank, Ltd., PNC Capital Markets LLC, Royal Bank of Canada and U.S. Bank NA.
Citizens Bank, NA and Huntington National Bank are the co-documentation agents.
The proceeds from the upsized credit facility will be used to redeem a portion of American Axle & Manufacturing, Inc.’s 6¼% senior notes due 2026.
American Axle is a Detroit-based producer of driveline and drivetrain systems and related components and chassis modules for the automotive industry.
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