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Moody’s gives American Axle notes B2
Moody's Investors Service said it assigned a B2 rating to American Axle & Manufacturing, Inc.'s proposed $350 million senior notes.
Proceeds from the notes, together with cash on hand, are expected to be used to fund the announced tender offer for the full amount of the $400 million 6¼% senior notes due 2021.
American Axle's existing ratings remain, including the B1 corporate family rating, Ba2 senior secured rating and B2 senior unsecured rating.
The outlook is stable.
Moody's said it considers the transaction to be credit positive as it should modestly improve American Axle's debt/EBITDA leverage to about 3.7x from 3.8x.
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