Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced a proposed offering by two of its wholly-owned subsidiaries of $250 million aggregate principal amount of Senior Unsecured Notes. The gross proceeds from the proposed offering will be used to prepay a portion of the issuers’ existing $450 million Term Loan B due 2020. The company is also in the process of amending and restating its subsidiaries’ $150 million asset-based revolving credit facility to convert it to a $200 million cash flow revolving credit facility.
The Notes and any related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States, only to non-U.S. investors in reliance on Regulation S. The Notes and any related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers of the Notes and any related guarantees will be made only by means of a private offering memorandum.
This press release is being issued pursuant to Rule 135c under the Securities Act.