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American Axle (AXL) Prices $1.2B Worth of Senior Notes
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American Axle & Manufacturing Holdings Inc. (AXL - Free Report) has announced the pricing of $700 million aggregate principal amount senior notes at 6.25% interest annually. The notes are due to mature in 2025. Another 6.50% $500 million aggregate principal amount senior notes due in 2027 have been offered. The offered notes will be unconditionally guaranteed on a senior unsecured basis. The company expects to close the offering on Mar 23, subject to customary closing conditions.
The proceeds from the transaction along with the borrowing under new senior secured credit facilities and cash balance will be utilized to pay for the acquisition of Metaldyne Performance Group Inc. and for related fees and expenses. The proceeds will also be used to refinance any debt outstanding under the company’s existing senior secured revolving credit facility. Any remaining proceeds will be used for general corporate purposes.
American Axle had cash and cash equivalents of $481.2 million as of Dec 31, 2016, up from $282.5 million as of Dec 31, 2015. Long-term debt was $1.4 billion as of Dec 31, 2017, compared with $1.38 billion at the end of 2015.
Cash flow from operations in 2016 was $407.6 million, compared with $377.6 million in 2015. Net capital spending of the company was $221.3 million in 2016, compared with $193.2 million in the prior year. American Axle’s free cash flow was $198.6 million in 2016, compared with $189.5 million a year ago.
American Axle is a leading supplier of driveline and drivetrain systems, modules and components for the light vehicle market. The company depends highly on General Motors Company (GM - Free Report) for its sales. In addition, a significant amount of sales are derived from Nissan Motor Co., Ltd (NSANY - Free Report) and Honda Motor Co., Ltd. (HMC - Free Report) .
American Axle & Manufacturing Holdings, Inc. Price
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American Axle (AXL) Prices $1.2B Worth of Senior Notes
American Axle & Manufacturing Holdings Inc. (AXL - Free Report) has announced the pricing of $700 million aggregate principal amount senior notes at 6.25% interest annually. The notes are due to mature in 2025. Another 6.50% $500 million aggregate principal amount senior notes due in 2027 have been offered. The offered notes will be unconditionally guaranteed on a senior unsecured basis. The company expects to close the offering on Mar 23, subject to customary closing conditions.
The proceeds from the transaction along with the borrowing under new senior secured credit facilities and cash balance will be utilized to pay for the acquisition of Metaldyne Performance Group Inc. and for related fees and expenses. The proceeds will also be used to refinance any debt outstanding under the company’s existing senior secured revolving credit facility. Any remaining proceeds will be used for general corporate purposes.
American Axle had cash and cash equivalents of $481.2 million as of Dec 31, 2016, up from $282.5 million as of Dec 31, 2015. Long-term debt was $1.4 billion as of Dec 31, 2017, compared with $1.38 billion at the end of 2015.
Cash flow from operations in 2016 was $407.6 million, compared with $377.6 million in 2015. Net capital spending of the company was $221.3 million in 2016, compared with $193.2 million in the prior year. American Axle’s free cash flow was $198.6 million in 2016, compared with $189.5 million a year ago.
American Axle is a leading supplier of driveline and drivetrain systems, modules and components for the light vehicle market. The company depends highly on General Motors Company (GM - Free Report) for its sales. In addition, a significant amount of sales are derived from Nissan Motor Co., Ltd (NSANY - Free Report) and Honda Motor Co., Ltd. (HMC - Free Report) .
American Axle & Manufacturing Holdings, Inc. Price
American Axle & Manufacturing Holdings, Inc. Price | American Axle & Manufacturing Holdings, Inc. Quote
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If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>