- American Axle & Manufacturing Holdings Inc AXL plans to raise $600 million through a public offering of senior notes.
- The notes will bear interest at a rate to be determined at pricing.
- American Axle will use the proceeds of the offering, together with cash on hand, to fund the redemption of 100% of its outstanding 6.25% Senior Notes due 2025, including the payment of accrued interest.
- The company held $587.7 million in cash and equivalents as of June 30, 2021.
- BofA Securities, Barclays, Citigroup, J.P. Morgan, RBC Capital Markets, and BMO Capital Markets will be joint book-running managers for the debt offering.
- Price Action: AXL shares are trading higher by 0.53% at $9.41 on the last check Monday.
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