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Rating Action:

MOODY'S ASSIGNS B2 RATING TO HAYES LEMMERZ'S NEW GTD. SENIOR SECURED BANK TERM LOAN B; CONFIRMS ALL EXISTING RATINGS

29 Jun 2001
MOODY'S ASSIGNS B2 RATING TO HAYES LEMMERZ'S NEW GTD. SENIOR SECURED BANK TERM LOAN B; CONFIRMS ALL EXISTING RATINGS

Approximately $2.45 Billion of Debt Obligations Affected

New York, June 29, 2001 -- Moody's Investors Service assigned a B2 rating to Hayes Lemmerz International, Inc.'s ("Hayes Lemmerz") new $150 million guaranteed senior secured bank term loan B due December 31, 2005.

Moody's additionally confirmed all of Hayes Lemmerz's existing ratings, including: (i) B2 ratings for Hayes Lemmerz's $1.1 billion of existing guaranteed senior secured bank credit facilities; (ii) a B2 rating for Hayes Lemmerz's $300 million guaranteed senior unsecured notes issue; (iii) Caa1 ratings for $900 million of Hayes Lemmerz's guaranteed senior subordinated notes; (iv) a B2 senior implied rating; and (v) a B3 senior unsecured issuer rating. The ongoing rating outlook is stable.

The rating actions reflect Moody's analysis of Hayes Lemmerz contained in our recent June 14, 2001 press release issued in conjunction with the company's $300 million senior unsecured notes offering. Additionally factored into Moody's current rating actions are the following points:

The net proceeds of the new $150 million guaranteed senior secured term loan B will be utilized to further reduce outstandings under the existing guaranteed senior secured bank term loan A. Approximately $190 million of the recent $300 million senior unsecured notes offering have already been applied against the term loan A outstandings, with additional reductions to term loan A from that bond issuance still possible (in the event that Hayes Lemmerz chooses to redeem less than the permitted amounts of either the company's existing senior subordinated notes or obligations under loan agreements for certain of Hayes Lemmerz's foreign subsidiaries). Outstandings under the $450 million term loan A prior to either of the bank or bond transactions were approximately $362 million. The combination of the two transactions, from which all proceeds have been applied against term loan A on a front-ended basis, have created much-needed additional liquidity for Hayes Lemmerz without adding to the company's total outstanding indebtedness. Hayes Lemmerz will also benefit from a partial extension of its current debt maturities. While the existing term loan A has a final maturity of February 2005, the maturities of term loan B and the new senior unsecured notes issue are December 2005 and June 2006, respectively. Amortization of term loan B is notably 1% per annum, with the balance due upon maturity.

The B2 rating of the new guaranteed senior secured bank term loan B further reflects the benefits and limitations of the collateral package. Term loan B is supported by the existing Hayes Lemmerz bank security and guarantee agreements on an equal and ratable basis with the $650 million existing guaranteed senior secured revolving credit facility and the existing guaranteed senior secured $450 million term loan A.

Hayes Lemmerz, headquartered in Northville, Michigan, is a leading supplier of suspension module components to the global automotive and commercial highway markets, with a presence in 17 countries. The Company's products for the suspension module include wheels, wheel-end attachments, aluminum structural components and automotive brake components. In addition to suspension module components for light vehicles, the Company also designs and manufactures wheels and brake components for commercial highway vehicles, and powertrain components for the automotive industry. The Company is the #1 or #2 independent manufacturer of virtually all of its primary products in the markets in which it competes. Annual sales are approximately $2.1 billion.

New York
Robert N. McCreary
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

New York
Lisa B. Matalon
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653

No Related Data.
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