Cooper-Standard completes $580M notes offering; 89% of 2026 notes tendered

Cooper-Standard Holdings Inc.

Issued $580M of 13.50% Cash Pay/PIK Toggle Senior Secured First Lien Notes due 2027.
Exchanged $357.4M (89.36%) of 5.625% Senior Notes due 2026 for new PIK Third Lien Notes due 2027.
Received requisite consents to amend indenture, eliminating covenants and releasing CPS guarantee.
Settlement expected Jan 27, 2023; backstop commitments cover remaining $61.7M of New First Lien Notes.
Goldman Sachs & Co. acted as dealer manager; Houlihan Lokey advised backstop commitment parties.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Cooper-Standard Holdings Inc. amended first supplemental indenture to 5.625% Senior Notes due 2026 with U.S. Bank Trust Company, National Association valued at Amendments to eliminate substantially all covenants, certain events of default and other provisions; (effective 2023-01-23).

Action: amendment
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: Amendments to eliminate substantially all covenants, certain events of default and other provisions;
Effective: 2023-01-23

Exact text from the filing

the guarantors named therein and U.S. Bank Trust Company, National Association (successor in interest to U.S. Bank National Association), as trustee, entered into a first supplemental indenture (the “Supplemental Indenture”) to the indenture governing CSA’s existing 5.625% Senior Notes due 2026 (the “2026 Senior Notes”) to eliminate substantially all of the covenants, certain events of default and certain other provisions contained in the 2026 Senior Notes and the indenture governing the 2026 Senior Notes and to release and discharge the guarantee of the 2026 Senior Notes by the Company (collectively, the “Amendments”).

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Cooper-Standard Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001320461-23-000005

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