Tower International tenders for up to $275.99 million of 10 5/8% notes

By Jennifer Chiou

New York, March 15 - Tower International, Inc. announced that its subsidiaries Tower Automotive Holdings USA, LLC and TA Holdings Finance, Inc. are tendering for up to $275,992,000 of their $361,992,000 of outstanding 10 5/8% senior secured notes due 2017.

For each $1,000 principal amount, the companies are offering $1,140, including an early tender payment of $30.00 for those who tender prior to 5 p.m. ET on March 28.

The offer is set to end at 12:01 a.m. ET on April 12.

Tower will also pay accrued interest.

Following completion of the offer, Tower plans to redeem up to $86 million of the notes at 105 plus accrued interest.

The company also expects to use proceeds from new financing to redeem up to $43 million of the notes, with the remaining balance to be redeemed on Aug. 24.

The tender offer is subject to the company obtaining new financing but is not conditioned on the tender of a minimum principal amount of notes.

Citigroup Global Markets Inc. is the dealer manager (800 558-3745 or collect 212 723-6106). Global Bondholder Services Corp. is the depositary and the information agent (866 857-2200 or 212 430-3774).

Tower International, previously known as Tower Automotive, LLC, is a Livonia, Mich.-based supplier of automotive metal structural components and assemblies.

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