Automotive parts supplier American Axle & Manufacturing Holdings Inc. said Monday it has launched an offering of 14 million shares of common stock and plans to use the proceeds toward corporate purposes.
It has granted the underwriters a 30-day option to buy another 2.1 million shares to cover any overallotments. If the option is exercised, the offering will result in gross proceeds of $115.1 million assuming the stock's closing price Friday of $7.15.
J.P. Morgan and BofA Merrill Lynch are the joint bookrunners for the offering. The parts supplier also announced on Monday it planned a private offering of senior secured notes.
Shares of American Axle rose 36 cents, or 5 percent, to $7.51 in midday trading.