American Axle plans paydown under revolver with notes issue proceeds

By Susanna Moon

Chicago, Oct. 31 - American Axle & Manufacturing Holdings, Inc. said its wholly owned subsidiary American Axle & Manufacturing, Inc. plans to repay some debt under its revolving credit agreement with JPMorgan Chase Bank, NA as administrative agent.

Funding for the paydown will come from a public offering of senior notes, subject to market and other conditions, according to a press release.

The coupon for the notes issue will be set at pricing, and the notes will be unconditionally guaranteed on a senior unsecured basis by American Axle Holdings and some of the issuer's domestic subsidiaries.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch will be joint bookrunners.

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

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