New Issue: Hayes Lemmerz upsizes seven-year notes to $250 million, yield 10 5/8%

By Paul A. Harris

St. Louis, May 22 - Hayes Lemmerz International Inc. priced an upsized $250 million of 10½% senior notes due June 15, 2010 (B1/B+) at 99.382 Thursday to yield 10 5/8%, according to a syndicate source.

Price talk was for a yield of 10½%-10¾%. The deal was increased from $225 million.

Citigroup and Lehman Brothers were joint bookrunners on the Rule 144A offering.

Proceeds from the deal, issued jointly with HLI Operating Co., will be used as part of the Northville, Mich.-based auto parts supplier's Chapter 11 exit financing.

Issuer:	Hayes Lemmerz International Inc./HLI Operating Co.
Amount:	$250 million (increased from $225 million)
Maturity:	June 15, 2010
Security description:	Senior notes
Bookrunners:	Citigroup, Lehman Brothers (joint)
Coupon:	10½%
Price:	99.382
Yield:	10 5/8%
Spread:	781 basis points
Call features:	Callable on June 15, 2007 at 105.25, then at 102.625, declining to par on June 15, 2009 and thereafter
Equity clawback:	Until June 15, 2006 for 35% at 110.50
Settlement date:	June 3, 2003 (T+7)
Ratings:	Moody's: B1
	Standard & Poor's: B+
Rule 144A Cusip:	404216AA1
Price talk:	10½%-10¾%

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