American Axle amends revolver, extending maturity, reducing size

By Sara Rosenberg

New York, Nov. 12 - American Axle & Manufacturing Holdings Inc. amended its revolving credit facility, extending the maturity to December 2011 from April 2010 and reducing commitments, according to an 8-K recently filed with the Securities and Exchange Commission.

After giving effect to a 25% commitment reduction for lenders consenting to the amendment, the revolver will provide up to $476.9 million of commitments through April 2010 and $369.4 million of commitments through December 2011.

Lenders who consented to the amendment are getting pricing of Libor plus 500 basis points on the revolver, while those that didn't consent are still getting pricing of Libor plus 250 bps.

Also, under the amendment, the company is required to comply with revised financial covenants related to secured indebtedness leverage and interest coverage.

JPMorgan is the administrative agent on the deal.

The amendment was completed on Nov. 7.

American Axle is a Detroit-based manufacturer of driveline and drivetrain systems, and related components and chassis modules for the automotive industry.

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