NOVI, Mich.—Cooper Standard Holdings Inc., the parent company of Cooper Standard Automotive Inc., intends to launch a refinancing of existing indebtedness outstanding under its senior PIK toggle notes (HoldCo notes) due 2018 and Cooper Standard's 8.5 percent senior notes (OpCo notes) due 2018.
Cooper Standard intends to enter into a $725 million senior secured term loan facility and use borrowings to refinance $200 million in aggregate principal amount of HoldCo notes and $450 million in aggregate principal amount of OpCo notes.
Cooper Standard Holdings said the proposed refinancing is expected to reduce its annual interest expense.
The refinancing is subject to market and other customary conditions. The firm said there is no assurance that the refinancing will occur.
Cooper Standard is a leading global supplier of systems and components for the automotive industry. Its products include sealing and trim, fuel and brake delivery, fluid transfer, thermal and emissions, and anti-vibration systems. It employs more than 25,000 people globally and operates in 19 countries.