NORTHVILLE, Mich., April 27 /PRNewswire-FirstCall/ -- Hayes Lemmerz International, Inc. announced today that it has launched the syndication of the previously announced new senior secured credit facilities in an amount of up to $495 million.
Bank meetings are scheduled to be held on Wednesday, May 2, 2007, in London, England and on Thursday, May 3, 2007, in New York, NY.
Citigroup Global Markets Inc. ("Citigroup") and Deutsche Bank AG, New York Branch and Deutsche Bank Securities Inc. (together "Deutsche Bank") will act as joint arrangers and joint book-runners for the syndication of the new credit facilities.
The proceeds of the new credit facilities will be used, together with the proceeds of other financing activities, to refinance the Company's obligations under its Amended and Restated Credit Agreement dated April 11, 2005. The refinancing of the Amended and Restated Credit Agreement and the placement of a portion of the Company's debt outside the United States are conditions to the obligation of Deutsche Bank Securities Inc. and SPCP Group, LLC, an affiliate of Silver Point Capital, L.P., to backstop the Rights Offering. Additional proceeds will be used to replace existing letters of credit and to provide for working capital and other general corporate purposes, and to pay the fees and expenses associated with the new credit facilities.
Forward Looking Statements
This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations and beliefs concerning future events that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. All statements other than statements of historical facts included in this release are forward looking statements. Factors that could cause actual results to differ materially from those expressed or implied in such forward looking statements include the factors set forth in our periodic reports filed with the SEC. Consequently, all of the forward looking statements made in this press release are qualified by these and other factors, risks, and uncertainties.
Hayes Lemmerz International, Inc. is a leading global supplier of automotive and commercial highway wheels, brakes and powertrain components. The Company has 30 facilities and approximately 8,500 employees worldwide.