said Thursday that it received $200 million senior unsecured term loan financing commitments from JP Morgan Securities and Banc of America Securities.
The term loan will mature not before 2010 and is expected to be based on market terms. Proceeds will be used for general corporate purposes and to refinance payments related to the conversion of its senior convertible notes due 2024.
The Detroit-based company revised its 2006 earnings guidance and expects earnings of $1 to $1.10 a share, to reflect the anticipated impact of this new financing. Analysts surveyed by Thomson First Call are expecting earnings of $1 a share.
This revised guidance reflects an expected increase in interest costs and a one-time charge to write off unamortized debt issuance costs related to the convertible notes.
Shares fell 22 cents to $16.75.
This story was created through a joint venture between TheStreet.com and IRIS.