Affinia cancels plans for $340 million revolver, $200 million notes

By Sara Rosenberg

New York, Sept. 24 - Affinia Group Inc. pulled its $340 million asset-based revolving credit facility from market and suspended plans to sell $200 million of senior secured notes, according to a news release.

The company said that it chose to cancel the debt deals because of the recent volatility in the capital markets.

Proceeds from the revolver, along with the notes, were going to be used to repay all amounts outstanding under the company's existing senior secured credit facility and to finance the acquisition of HBM Investment Ltd.

The acquisition of Haimeng is expected to proceed as planned and is expected to close in the fourth quarter of this year.

As for a refinancing, the company said that it may consider alternatives in the future, as market conditions allow.

Affinia is an Ann Arbor, Mich.-based designer, manufacturer and distributor of aftermarket vehicular components.

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