Joseph Spak

John Murphy

Tom Narayan

Dan Levy

Doug Carson

Douglas Karson

Edison Yu

Federico Merendi

Itay Michaeli

Jake Scholl

James Picariello

Xin Yu

Gautam Narayan

Justin Barell

Ryan Brinkman

Thomas Scholl

- AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. filed an Indenture on **October 3, 2025**, detailing the **issuance of Secured Notes and Unsecured Notes**.  **[1062231_0001104659-25-096647_tm2527933d1_8k.htm:6]** **[1062231_0001104659-25-096647_tm2527933d1_ex4-1.htm:23]** 
- This Indenture is part of broader "Transactions" which also include the **consummation of an Acquisition**.  **[1062231_0001104659-25-096647_tm2527933d1_ex4-1.htm:38]** 
- The Issuer is obligated to provide **quarterly and annual financial information** (equivalent to Forms 10-Q and 10-K) and **current reports** (equivalent to Form 8-K).  **[1062231_0001104659-25-096647_tm2527933d1_ex4-2.htm:36]** **[1062231_0001104659-25-096647_tm2527933d1_ex4-1.htm:66]** 
- The document defines key financial metrics and covenants, including **Consolidated EBITDA**, **Consolidated First Lien Net Leverage Ratio**, and **Consolidated Secured Net Leverage Ratio**, which are relevant to the terms of the notes.  **[1062231_0001104659-25-096647_tm2527933d1_ex4-1.htm:13]**

American Axle & Manufacturing Holdings Files Indenture for Notes Issuance and Acquisition

- **American Axle & Manufacturing Inc.** (AXL) is seeking to raise approximately **$2.3 billion** through a combination of junk bonds and term loans to finance its acquisition of **Dowlais Group Plc**.  **[1062231_3041730ba18d44618c9536ae26bdf2aa]** 
- The offering includes **$843 million** in senior secured notes due 2032 and **$600 million** in senior unsecured notes due 2033, with a potential increase in unsecured notes to **$1.1 billion** to redeem existing debt.  **[1062231_3041730ba18d44618c9536ae26bdf2aa]** 
- Proceeds from the offering will be used to finance the acquisition, repay Dowlais' existing credit facilities, and fund change of control offers for certain Dowlais notes.  **[1062231_3041730ba18d44618c9536ae26bdf2aa]** 
- Following the announcement, American Axle's pre-market trading price **fell 1.62% to $5.78** on the New York Stock Exchange.  **[1062231_3041730ba18d44618c9536ae26bdf2aa]**

American Axle Seeks $2.3 Billion Debt Funding for Dowlais Acquisition

- For the year ended December 31, 2024, Dowlais reported **revenue of £4,337 million**, a **10.8% decrease** from the prior year, while its **loss after tax improved to £(168) million** from a £(495) million loss in 2023.  **[1062231_0001104659-25-089759_tm2525923d1_ex99-3.htm:2]** **[1062231_0001104659-25-089759_tm2525923d1_ex99-1.htm:38]** 
- The unaudited pro forma condensed combined statement of income for the year ended December 31, 2024, reflecting the combination with AAM, indicates **net sales of $11,563.8 million** and a **net loss of $(243.1) million**.  **[1062231_0001104659-25-089759_tm2525923d1_ex99-2.htm:6]** 
- The combination of AAM and Dowlais is anticipated to yield approximately **$300 million** in annual run rate cost synergies, expected to be substantially realized by the end of the third year following the consummation of the Combination.  **[1062231_0001104659-25-089759_tm2525923d1_ex99-1.htm:6]** 
- Post-combination, the pro forma total long-term debt and capital lease obligations for the combined entity stood at **$5,442.1 million** as of June 30, 2025, with total stockholders' equity of **$1,394.4 million**.  **[1062231_0001104659-25-089759_tm2525923d1_ex99-1.htm:24]** 
- Dowlais' total liquidity position was **£729 million** as of June 30, 2025, a decrease from **£857 million** at December 31, 2024.  **[1062231_0001104659-25-089759_tm2525923d1_ex99-1.htm:41]**

American Axle & Manufacturing Holdings Inc. Reports Financials and Pro Forma Impact of Dowlais Combination

AMERICAN AXLE & MANUFACTURING HOLDINGS (AXL)