American Axle & Manufacturing (AXL) said Monday it has secured syndicated bridge financing to facilitate its planned merger with Dowlais Group and amended its credit agreement.
The financing package consists of an $843 million term loan B, an $843 million first lien senior secured bridge facility, and a $500 million second lien senior secured bridge facility.
The company said it has also amended its credit agreement, to extend the maturity of its revolving credit facility and term loan A with a new five-year term and increase the commitments under the revolving credit facility to nearly $1.5 billion, upon closing of the merger.
Shares of American Axle & Manufacturing were down 3.2% in recent Monday trading.
Price: 5.42, Change: -0.18, Percent Change: -3.21
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