American Axle $200 million term loan to launch Friday

By Sara Rosenberg

New York, June 8 - American Axle & Manufacturing Holdings Inc. is scheduled to hold a conference call on Friday to launch its proposed $200 million senior unsecured term loan, according to a market source.

JP Morgan Securities Inc. and Banc of America Securities are the lead banks on the deal.

The term loan is talked at Libor plus 425 basis points and contains call protection of 102 in year one and 101 in year two, the source said.

Proceeds will be used for general corporate purposes and to refinance payments related to the conversion of the company's senior convertible notes due 2024.

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

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