Tower Automotive Announces Proposed Offering Of Convertible Senior Debentures - aftermarketNews

Tower Automotive Announces Proposed Offering Of Convertible Senior Debentures

Tower Automotive plans to offer $110 million principal amount of convertible senior debentures due 2024. The company would grant to the initial purchasers an option to purchase an additional $15 million principal amount of the debentures within 30 days after the offering.

NOVI, MI — Tower Automotive plans to offer $110 million principal amount of convertible senior debentures due 2024. The company would grant to the initial purchasers an option to purchase an additional $15 million principal amount of the debentures within 30 days after the offering.

If the offering is consummated, Tower said it expect to use the net proceeds of the offering along with borrowings under Tower’s new senior credit facilities to repay the existing senior credit facilities, call the existing $200 million 5 percent. Convertible Subordinated Notes due August 1 pay related fees and expenses and for general corporate purposes.

To learn more about Tower, go to: www.towerautomotive.com.

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