American Axle & Manufacturing To Raise $600M Via Debt Offering

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.