Hayes Lemmerz $495 million credit facility to launch next week

By Sara Rosenberg

New York, April 26 - Hayes Lemmerz International Inc. plans to hold a bank meeting next week to launch its proposed $495 million senior secured credit facility, according to a market source.

Citigroup and Deutsche Bank are the joint lead arrangers and joint bookrunners on the deal.

The facility consists of a $350 million term loan, which will be denominated in euros and placed with a subsidiary in Europe, a $125 million revolver and a $20 million synthetic letter-of-credit facility.

Proceeds will be used to refinance the company's existing credit facility and for working capital and other general corporate purposes.

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

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