Tuesday, March 06, 2007
Bumper Supplier Intends To Go Public - Meridian Automotive Systems Inc. initial public offering - Brief Article - Statistical Data Included
Meridian Automotive Systems Inc., which supplies bumpers and other parts to Ford Motor, General Motors and DaimlerChrysler, said it wants to go public. The Dearborn, Michigan-based company filed a prospectus with the Securities and Exchange Commission saying it wants to raise up to $173 million through the sale of common stock. The preliminary document did not indicate the number of shares, the price range or even the exchange it wants to be listed on. All of that information is expected in later filings.
Meridian is also offering $250 million in senior subordinated notes due 2012 and replacing an existing senior credit facility with a $150 million term loan and a $125 million revolving facility. It plans to use the money from the IPO, the notes offering and the new credit facility to primarily repay outstanding debt.
Meridian said it supplies parts for 15 of the 20 best selling vehicles in North America as well as a large number of popular lights trucks, sport utility vehicles and passenger cars, according to the SEC filing.
The company has posted significant net losses in 2000 and 2001 as well as the first six months ended June 30, 2002. After posting net income of $10.4 million in 1999, Meridian reported net losses of $12 million in 2000 and $57 million the year after that. It also recorded a net loss of $6.6 million for the six months ended June 30, 2002 before the cumulative effect of an accounting change. The net losses resulted primarily from debt-related interest costs, the company said. As of the end of June, consolidated total debt was nearly $500 million, according to the filing.
Meridian is also offering $250 million in senior subordinated notes due 2012 and replacing an existing senior credit facility with a $150 million term loan and a $125 million revolving facility. It plans to use the money from the IPO, the notes offering and the new credit facility to primarily repay outstanding debt.
Meridian said it supplies parts for 15 of the 20 best selling vehicles in North America as well as a large number of popular lights trucks, sport utility vehicles and passenger cars, according to the SEC filing.
The company has posted significant net losses in 2000 and 2001 as well as the first six months ended June 30, 2002. After posting net income of $10.4 million in 1999, Meridian reported net losses of $12 million in 2000 and $57 million the year after that. It also recorded a net loss of $6.6 million for the six months ended June 30, 2002 before the cumulative effect of an accounting change. The net losses resulted primarily from debt-related interest costs, the company said. As of the end of June, consolidated total debt was nearly $500 million, according to the filing.
# posted by Medical Information : 12:57 AM
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