Hayes Lemmerz firms up timing on $495 million credit facility

By Sara Rosenberg

New York, April 27 - Hayes Lemmerz International Inc. has firmed up timing on the launch of its proposed $495 million senior secured credit facility with the scheduling of a bank meeting in London on Wednesday and a bank meeting in New York on Thursday, according to a news release.

Previously, it was known that the deal would be launching during the April 30 week, but specific dates had been unavailable.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.