S&P rates American Axle notes B

S&P said it assigned its B issue-level rating and 6 recovery rating to American Axle & Manufacturing Inc.'s proposed $1.2 billion senior unsecured notes, which will be issued in two tranches due 2025 and 2027.

The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a payment default.

This transaction follows American Axle's recent launch of $1.65 billion of senior secured term loan facilities and an $800 million senior secured revolving credit facility related to its pending acquisition of Metaldyne Performance Group Inc.

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