American Axle to launch $250 million unsecured term loan Tuesday

By Sara Rosenberg

New York, June 1 - American Axle & Manufacturing Holdings, Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $250 million unsecured term loan due 2012, according to a company news release.

JPMorgan and Bank of America are the lead banks on the deal.

The loan is being arranged on an uncommitted basis.

Proceeds will be used for general corporate purposes, including the prepayment of the company's existing $250 million term loan.

American Axle is a Detroit-based manufacturer of driveline systems and related powertrain components and chassis modules for light trucks, sport utility vehicles, and passenger cars and crossover vehicles.

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