American Axle (AXL) Plans To Propose $350M Senior Notes
Zacks Investment Research | Mar 12, 2018 11:47PM ET
American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) reported that its subsidiary, American Axle & Manufacturing, Inc. (“AAM”) is planning to propose senior notes worth $350 million via a public offering.
The interest rate of these senior notes will be determined at the time of pricing and will be unconditionally guaranteed on a senior unsecured note by American Axle & Manufacturing Holdings and partly by AAM’s present and future subsidiaries.
The company will use the proceeds from this offering, along with cash in hand and amount available in its credit agreement, to fund its outstanding senior notes, which are due to mature on 2021 and bear an interest rate of 6.25%. In addition to the debt amount, the company will also pay for the accrued interest and premium, if applicable.
American Axle & Manufacturing Holdings, Inc. Price and Consensus
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