Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced that it is postponing its previously announced proposed offering of $250 million of Senior Unsecured Notes due to less-favorable market conditions.
“We are interested in moving our capital structure to more fixed rate debt over time, but Tower has record liquidity this year and no pressing debt maturities, so we will be patient and disciplined in making such a change,” said President and CEO Mark Malcolm. “With the unfavorable move in market rates during the past week, the proper decision is to postpone. We appreciate the positive feedback from present and prospective creditors during our roadshow, and we may come back if and when market conditions improve sufficiently.”
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.
