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Hayes Lemmerz finishes $800 million in recapitalization transactions

From freep| June 01,2007

Hayes Lemmerz International Inc. said it completed several recapitalization transactions totaling more than $800 million.

The Northville supplier of automotive and commercial highway wheels, brakes and powertrain components said it closed an equity rights offering of $180 million and direct investment by Deutsche Bank Securities Inc. of $13.1 million; senior secured credit facilities of about $495 million; and 8 ?% senior notes due 2015 of 130 million euro issued by a European subsidiary.

Hayes Lemmerz said proceeds from the transaction were used to repay debt and transaction costs, provide working capital and for general corporate purposes.

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