USA: Tower Automotive Announces Completion of Senior Notes Offering
Tower Automotive, Inc. (NYSE: TWR), has announced that its wholly owned subsidiary, R.J. Tower Corporation, has completed an offering of Euro 150 million of senior notes in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The notes bear interest at 9 1/4 percent per year and mature in August 2010. The net proceeds from the offering will be used by the company to repay existing indebtedness outstanding under its credit facility. The notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent such registration or an applicable exemption from registration under the Securities Act.
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