2013-02-14 15:05:59 -
Detroit, Michigan, February 14, 2013 - American Axle & Manufacturing Holdings,
Inc. (NYSE:AXL) ("Holdings") announced today that its wholly-owned subsidiary,
American Axle & Manufacturing, Inc. ("AAM"), is planning an offering of senior
notes in a public offering, subject to market and other conditions.
The notes will bear interest at a rate to be determined at pricing and will be
unconditionally guaranteed on a senior unsecured basis by Holdings and certain
of AAM's present and future domestic subsidiaries.
AAM intends to use the net proceeds to fund the purchase of any and all of its
outstanding 7.875% Senior Notes due 2017 in its concurrent tender offer and
consent solicitation, including the payment of accrued interest and any
applicable consent premium and for other general corporate purposes, including
the repayment of other indebtedness.
Merrill Lynch, J.P. Morgan, Barclays, Citigroup and RBC Capital Markets
will be joint book-running managers for the debt offering. When available,
copies of the preliminary prospectus supplement and the accompanying base
prospectus for the offering can be obtained from BofA Merrill Lynch toll-free at
(800) 294-1322 or J.P. Morgan toll-free at (800) 245-8812.
This press release shall not constitute an offer to sell or a solicitation of an
offer to purchase any of these securities and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful. This offering may be made only by means
of a prospectus supplement and accompanying base prospectus. Additionally, this
press release shall not constitute an offer to buy or the solicitation of an
offer to sell the 7.875% Senior Notes due 2017 which are to be tendered in the
concurrent tender offer and consent solicitation.
AAM is a world leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and chassis modules for
light trucks, sport utility vehicles, passenger cars, crossover utility vehicles
and commercial vehicles. In addition to locations in the United States
(Michigan, Ohio, Indiana and Pennsylvania), 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.
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For more information...
Christopher M. Son
Director, Investor Relations,
Corporate Communications & Marketing
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Source: American Axle & Manufacturing Holdings, Inc via Thomson Reuters ONE