AAM announces $1.443B debt offering to finance Dowlais combination

Dauch Corp

Offering $843M senior secured notes due 2032 and $600M senior unsecured notes due 2033.
Proceeds to fund Dowlais cash consideration, repay Dowlais debt, and fund change of control offer.
May increase unsecured notes to ~$1.1B to redeem existing 6.50% Senior Notes due 2027.
Notes escrowed until Combination closes; special mandatory redemption if deal fails.
Pro forma combined net income $47.8M H1 2025, net loss $243.1M FY2024.

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