Tower Automotive calls $26 million of its new 10 5/8% notes due 2017

By Melissa Kory

Cleveland, Nov. 17 - Tower Automotive Holdings USA, LLC and TA Holdings Finance, Inc. will redeem $26 million of their $430 million 10 5/8% seven-year senior secured first-lien notes due Sept. 1, 2017.

The notes will be redeemed on Dec. 16 for $28,174,792, a redemption price of $27.3 million plus $874,792 accrued and unpaid interest.

Tower issued $430 million of the notes on Aug. 24. Under the terms of the securities, the company can redeem up to 10% of the principal amount during any 12-month period up to Sept. 1, 2014 at a price of 105% of par.

Wilmington Trust FSB is the redemption agent.

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

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