American Axle plans to redeem 9¼% notes with term loan borrowings

By Marisa Wong

Madison, Wis., Sept. 16 - American Axle & Manufacturing Holdings, Inc.'s wholly owned subsidiary, American Axle & Manufacturing, Inc., plans to partially redeem its 9¼% senior secured notes due 2017 using proceeds from a new term loan, according to an 8-K filing with the Securities and Exchange Commission.

On Sept. 13 the company amended and restated its credit agreement dated Jan. 9, 2004 for a $150 million senior secured term loan A facility due 2018 and to expand its existing revolving facility to $523.5 million and extend the maturity to 2018.

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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