Hayes to amend or refinance facility to allow for senior notes repurchase

By Sara Rosenberg

New York, March 16 - Hayes Lemmerz International Inc. plans on either amending or refinancing its credit facility so as to allow for the repurchase of senior notes and the placement of debt outside the United States, according to a company news release.

The company also announced on Friday that it is planning a rights offering of up to $180 million of common stock to its stockholders, with proceeds earmarked for the repurchase of its 10½% senior notes due 2010.

Hayes entered into an agreement with Deutsche Bank, under which Deutsche has agreed to backstop the rights offering by purchasing all shares of common stock offered in the rights offering and not purchased at the close of the offering.

SPCP Group, LLC has agreed with Deutsche to acquire one-half of the shares of common stock that Deutsche is obligated to purchase pursuant to its backstop obligation.

Hayes is a Northville, Mich.-based supplier of automotive and commercial highway wheels, brakes and powertrain components.

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