Tower Automotive talks $450 million seven-year senior secured note offering with 11%-11¼% yield

By Paul A. Harris

St. Louis, Aug. 12 - Tower Automotive Holdings USA, LLC and TV Holdings Finance, Inc. talked their $450 million offering of seven-year senior secured first-lien notes (/B/) with an 11% to 11¼% yield, market sources said on Thursday.

The deal is expected to close before the end of the week.

J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A and Regulation S for life offering.

Bank of America Merrill Lynch and Wells Fargo Securities are the co-managers.

Specific timing on the deal remains to be determined, a syndicate source said late Wednesday.

The notes come with four years of call protection.

Proceeds will be used to repay bank debt.

Tower Automotive is a Livonia, Mich.-based supplier of automotive metal structural components and assemblies.

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