CPS · Cooper-Standard Holdings Inc.

Summary

Cooper-Standard Automotive Inc., a subsidiary of Cooper-Standard Holdings Inc., issued $1,100,000,000 of 9.250% Senior Secured First Lien Notes due 2031 and used proceeds along with cash on hand to redeem all outstanding Existing Notes totaling approximately $1,051.3 million. Concurrently, Amendment No. 5 to the Amended ABL Facility was executed, modifying guarantors and negative covenants.

Key takeaways

• Issued $1,100M 9.250% Senior Secured First Lien Notes due March 1, 2031 on March 4, 2026
• Notes guaranteed by Domestic Guarantors on senior secured basis and Cooper-Standard Latin America B.V. on senior unsecured basis
• Redeemed $616.9M Existing First Lien Notes due 2027 at 102.250% of principal
• Redeemed $391.8M Existing Third Lien Notes due 2027 at 101.410% of principal
• Redeemed $42.6M Senior Notes due 2026 at 100.000% of principal
• Executed Fifth Amendment to Amended ABL Facility releasing certain foreign guarantors