American Axle Gets Covenant Waiver On Loans
07 Juli 2009 - 6:39PM
Dow Jones News
Lenders to American Axle & Manufacturing Holdings Inc. (AXL)
have agreed to an amendment and waiver on a loan facility giving
the company until the end of the month to meet terms on the
debt.
The loan was previously renegotiated last November and the
latest waiver runs through July 30, the company said in a
Securities and Exchange Commission filing Tuesday.
American Axle, which makes axles for General Motors Corp.
(GMGMQ), had about $280 million of liquidity, consisting of
available cash, short-term investments and committed borrowing
capacity on its revolver, according to the filing.
The borrowing capacity under the revolver stands at $476.9
million through April 2010 and at $369.4 million through December
2011, according to Standard & Poor's LCD unit.
The firm previously amended the revolver in November 2008,
extending the maturity of a portion of the facility to December
2011 from April 2010.
-By Kate Haywood, Dow Jones Newswires; 212-416-2218;
kate.haywood@dowjones.com