DETROIT, Oct. 31, 2011 /PRNewswire/ -- 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 for general corporate
purposes, including the repayment of certain amounts outstanding
under its Revolving Credit Agreement, as amended and restated as of
June 30, 2011, among AAM, Holdings,
the lenders party thereto and JPMorgan Chase Bank, N.A., as
administrative agent.
J.P. Morgan and BofA Merrill Lynch 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 J.P. Morgan
toll-free at (800) 245-8812 or BofA Merrill Lynch toll-free at
(800) 294-1322.
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.
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,
New York, 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.
Certain statements contained in this press release are
"forward-looking statements" and relate to the Company's plans,
projections, strategies or future performance. Such statements,
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, are based on our current
expectations, are inherently uncertain, are subject to risks and
should be viewed with caution. 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; reduced purchases of our products
by General Motors Company ("GM"), Chrysler Group LLC ("Chrysler")
or other customers; reduced demand for our customers' products
(particularly light trucks and sport utility vehicles
produced by GM and Chrysler); availability of financing for
working capital, capital expenditures, research and development
("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; our
ability to achieve cost reductions through ongoing restructuring
actions; our ability to achieve the level of cost reductions
required to sustain global cost competitiveness; our ability to
maintain satisfactory labor relations and avoid future work
stoppages; our suppliers', our customers' and their suppliers'
ability to maintain satisfactory labor relations and avoid work
stoppages; additional restructuring actions that may occur; our
ability to continue to implement improvements in our U.S. labor
cost structure; supply shortages or price increases in raw
materials, utilities or other operating supplies; our ability to
consummate and integrate acquisitions and joint ventures; 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 attract new customers and programs for new
products; 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 respond to changes in
technology, increased competition or pricing pressures; price
volatility in, or reduced availability of, fuel; adverse changes in
laws, government regulations or market conditions affecting our
products or our customers' products (such as the Corporate Average
Fuel Economy regulations); risks inherent in our international
operations (including adverse changes in the political stability,
taxes and other law changes, potential disruption of production and
supply, and currency rate fluctuations); liabilities arising from
warranty claims, product recall, product liability and legal
proceedings to which we are or may become a party; changes in
liabilities arising from pension and other postretirement benefit
obligations; risks of noncompliance with environmental regulations
or risks of environmental issues that could result in unforeseen
costs at our facilities; our ability to attract and retain key
associates; other unanticipated events and conditions that may
hinder our ability to compete. For additional discussion, see "Risk
factors" in our most recent 10K and 10Q filings.
It is not possible to foresee or identify all such factors
and we assume no obligation to update any forward-looking
statements or to disclose any subsequent facts, events or
circumstances that may affect their accuracy.
For more information...
Christopher M. Son
Director, Investor Relations,
Corporate Communications & Marketing
(313) 758-4814
chris.son@aam.com
David Tworek
Manager, Communications
(313) 758-4883
david.tworek@aam.com
Or visit the AAM website at www.aam.com.
SOURCE American Axle & Manufacturing Holdings, Inc.