American Axle & Manufacturing Holdings Inc. $(AXL)$ announced on October 3, 2025, that its wholly owned subsidiary, American Axle & Manufacturing, Inc., has completed a significant debt offering. The company issued $850 million in aggregate principal amount of 6.375% senior secured notes due October 15, 2032, and $1.25 billion in aggregate principal amount of 7.750% senior unsecured notes due October 15, 2033. Interest on both issuances is payable semi-annually in arrears on April 15 and October 15, beginning April 15, 2026. The secured notes are backed by a first priority security interest in substantially all of the assets of the issuer, American Axle & Manufacturing Holdings Inc., and its subsidiary guarantors, subject to certain exceptions. Both the secured and unsecured notes contain covenants restricting further debt incurrence, asset sales, and certain other corporate actions, with some exceptions. The company may redeem the notes at the applicable redemption prices plus accrued interest after October 15, 2028, and at a premium before that date. Proceeds from the offering will be used for a combination of debt refinancing, funding a change of control offer for certain notes, and general corporate purposes.