Tower Automotive seeks amendment to allow for accounts receivable securitization facility

By Sara Rosenberg

New York, Oct. 19 - Tower Automotive Inc. approached lenders Tuesday with an amendment proposal that would allow the company to get a $200 million accounts receivable securitization facility, according to a market source.

In return for agreeing to the proposal, lenders would get a 12.5 basis point amendment fee.

Consents are due Oct. 26 and 51% of lender approval is needed for the amendment to pass, the source added.

Morgan Stanley is the lead bank on the deal.

Tower Automotive is a Novi, Mich., designer and producer of structural components and assemblies used by automotive original equipment manufacturers.

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