US: AAM prices public offer stock
American Axle & Manufacturing Holdings (AAM) has priced the 14,000,000 shares of common stock it is selling through a public offering at US$7.20 each for total gross proceeds of approximately US$100.8m.
The company also granted to the underwriters for the offering a 30-day option to purchase up to 2,100,000 additional shares of common stock to cover over-allotments, if any. The issuance of the common stock is expected to close on 15 December, 2009.
The company plans to use the net proceeds from this offering for general corporate purposes.
JP Morgan and BofA Merrill Lynch are serving as the joint book-runners for the stock offering.