American Axle & Manufacturing Holdings, Inc. (NYSE: AXL) has announced the pricing and upsizing of its senior secured notes and senior unsecured notes. The offering of $850 million of 6.375% senior secured notes due 2032 was upsized from the previously announced $843 million, while the offering of $1.25 billion of 7.750% senior unsecured notes due 2033 was upsized from the previously announced $600 million.
The net proceeds from this offering, along with borrowings under its existing credit agreement and cash on hand, will be used for various purposes including paying the cash consideration for a pending business combination, repaying outstanding borrowings, funding a change of control offer, and redeeming existing notes.
The press release also mentions that the notes have not been registered under the Securities Act of 1933, and may only be offered to qualified institutional buyers or non-U.S. persons outside the United States.
The offering is expected to close on October 3, 2025, subject to the satisfaction of customary closing conditions. As a result of these announcements, the company's shares have moved -1.9% on the market, and are now trading at a price of $6.19. Check out the company's full 8-K submission here.
