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American Axle Announces Early Results of Tender Offer for Senior Notes

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American Axle & Manufacturing Holdings, Inc. (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Pursuant to the terms of the tender offer, the Company accepted for payment all notes validly tendered (and not validly withdrawn) prior to the Early Tender Time, and holders who tendered such notes received $1,030 per $1,000 in principal amount of notes validly tendered, plus accrued and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Tendered notes may no longer be withdrawn and the related consents may no longer be revoked.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.

 

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