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validly withdrawn) prior to the Early Tender Time, and holders who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Tendered notes may no longer be withdrawn and the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@aam.com
David Tworek
Manager, Communications
(313) 758-4883
david.tworek@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
Grafico Azioni American Axle and Manufa... (NYSE:AXL)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni American Axle and Manufa... (NYSE:AXL)
Storico
Da Ott 2023 a Ott 2024