American Axle & Manufacturing Announces Early Results of Tender Offer and Consent Solicitation for 7.875% Senior Notes Due 2017
(Thomson Reuters ONE) -
DETROIT, MICHIGAN - March 1, 2013 - American Axle & Manufacturing Holdings, Inc.
(AAM - NYSE: AXL) announced today the interim results of the previously
announced tender offer and consent solicitation by its subsidiary, American Axle
& Manufacturing, Inc. (the "Company"). As of 5:00 p.m., New York City time, on
February 28, 2013 (the "Early Tender Time"), a total of $172.6 million
principal amount of the Company's 7.875% senior notes due 2017 (CUSIP No.
02406PAF7) had been tendered and the related consents delivered.
Pursuant to the terms of the tender offer, the Company accepted for payment all
notes validly tendered (and not validly withdrawn) prior to the Early Tender
Time, and holders who tendered such notes received $1,030 per $1,000 in
principal amount of notes validly tendered, plus accrued and unpaid interest up
to, but not including, the payment date for such notes, which was today.
The tender offer will expire at 11:59 p.m., New York City time, on March
14, 2013, unless extended (such date and time, as the same may be extended, the
"Expiration Time"). Holders who validly tender their notes after the Early
Tender Time and before the Expiration Time will be eligible to receive $1,005
per $1,000 principal amount of notes, plus accrued and unpaid interest up to,
but not including, the final settlement date, which is expected to be the next
business day after the Expiration Time.
Based on the consents received, the Company and the trustee under the indenture
governing the notes have entered into a supplemental indenture that eliminates
most of the covenants and certain default provisions applicable to the notes and
shortens certain redemption notice periods.
Tendered notes may no longer be withdrawn and the related consents may no longer
be revoked. Any extension, delay, termination or amendment of the tender offer
will be followed as promptly as practicable by a public announcement thereof.
The complete terms and conditions of the tender offer and consent solicitation
are described in the Offer to Purchase and Consent Solicitation Statement, dated
February 14, 2013, copies of which may be obtained from D.F. King & Co., Inc.,
the tender and information agent for the tender offer and consent solicitation,
at (800) 769-4414 (US toll-free) or, for banks and brokers, (212) 269-5550.
The Company has engaged BofA Merrill Lynch and J.P. Morgan Securities LLC to act
as dealer managers in connection with the tender offer and solicitation agents
in connection with the consent solicitation. Questions regarding the terms of
the tender offer may be directed to BofA Merrill Lynch at (888) 292-0070 (US
toll-free) and (980) 387-3907 (collect) or J.P. Morgan Securities LLC at (800)
245-8125 (US toll-free) and (212) 270-0761 (collect).
This announcement is not an offer to purchase, a solicitation of an offer to
purchase or a solicitation of consents with respect to any securities. The
tender offer and consent solicitation are being made solely by the Offer to
Purchase and Consent Solicitation Statement dated February 14, 2013.
AAM is a world leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport utility vehicles,
passenger cars, crossover vehicles and commercial vehicles. In addition to
locations in the United States (Michigan, Ohio, Pennsylvania and Indiana), AAM
also has offices or facilities in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden and Thailand.
Cautionary Statement Concerning Forward-Looking Statements
In this press release, we make statements concerning our expectations, beliefs,
plans, objectives, goals, strategies, and future events or performance. Forward-
looking statements should not be read as a guarantee of future performance or
results, and will not necessarily be accurate indications of the times at, or
by, which such performance or results will be achieved. Forward-looking
statements are based on information available at the time those statements are
made and/or management's good faith belief as of that time with respect to
future events and are subject to risks and may differ materially from those
expressed in or suggested by the forward-looking statements. Important factors
that could cause such differences include, but are not limited to: global
economic conditions, including the impact of the debt crisis in the Euro-zone;
reduced purchases of our products by GM, Chrysler or other customers; reduced
demand for our customers' products (particularly light trucks and SUVs produced
by GM and Chrysler); our ability or our customers' and suppliers' ability to
successfully launch new product programs on a timely basis; our ability to
realize the expected revenues from our new and incremental business backlog; our
ability to respond to changes in technology, increased competition or pricing
pressures; supply shortages or price increases in raw materials, utilities or
other operating supplies for us or our customers as a result of natural
disasters or otherwise; liabilities arising from warranty claims, product recall
or field actions, product liability and legal proceedings to which we are or may
become a party; our ability to achieve the level of cost reductions required to
sustain global cost competitiveness; our ability to attract new customers and
programs for new products; price volatility in, or reduced availability of,
fuel; our ability to develop and produce new products that reflect market
demand; lower-than-anticipated market acceptance of new or existing products;
our ability to maintain satisfactory labor relations and avoid work stoppages;
our suppliers', our customers' and their suppliers' ability to maintain
satisfactory labor relations and avoid work stoppages; risks inherent in our
international operations (including adverse changes in political stability,
taxes and other law changes, potential disruptions of production and supply, and
currency rate fluctuations); availability of financing for working capital,
capital expenditures, R&D or other general corporate purposes, including our
ability to comply with financial covenants; our customers' and suppliers'
availability of financing for working capital, capital expenditures, R&D or
other general corporate purposes; adverse changes in laws, government
regulations or market conditions affecting our products or our customers'
products (such as the Corporate Average Fuel Economy ("CAFE") regulations);
changes in liabilities arising from pension and other postretirement benefit
obligations; our ability to attract and retain key associates; risks of
noncompliance with environmental laws and regulations or risks of environmental
issues that could result in unforeseen costs at our facilities; our ability or
our customers' and suppliers' ability to comply with the Dodd-Frank Act and
other regulatory requirements and the potential costs of such compliance; our
ability to consummate and integrate acquisitions and joint ventures; other
unanticipated events and conditions that may hinder our ability to compete. It
is not possible to foresee or identify all such factors and we make no
commitment to update any forward-looking statement or to disclose any facts,
events or circumstances after the date hereof that may affect the accuracy of
any forward-looking statement.
# # #
For more information...
Christopher M. Son
Director, Investor Relations, Corporate Communications and Marketing
(313) 758-4814
chris.son(at)aam.com
David Tworek
Manager, Communications
(313) 758-4883
david.tworek(at)aam.com
Or visit the AAM website at www.aam.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: American Axle & Manufacturing Holdings, Inc via Thomson Reuters ONE
[HUG#1682484]
Unternehmensinformation / Kurzprofil:
Datum: 01.03.2013 - 22:15 Uhr
Sprache: Deutsch
News-ID 235182
Anzahl Zeichen: 9080
contact information:
Town:
Detroit, MI
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 231 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"American Axle & Manufacturing Announces Early Results of Tender Offer and Consent Solicitation for 7.875% Senior Notes Due 2017"
steht unter der journalistisch-redaktionellen Verantwortung von
American Axle & Manufacturing Holdings, Inc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
