Tower Automotive starts roadshow for $250 million eight-year notes

By Paul A. Harris

Portland, Ore., Sept. 10 – Tower Automotive USA LLC and TA Holding Finance Inc., wholly owned subsidiaries of Tower International, Inc., began a roadshow on Wednesday for a $250 million offering of eight-year senior notes (expected ratings B2/B), according to a market source.

The Rule 144A and Regulation S with registration rights deal is expected to price on Sept. 16.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon.

The Livonia, Mich.-based automotive components manufacturer plans to use the proceeds to repay bank debt.

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