Cooper‑Standard Holdings launches $1.1B 9.25% senior secured notes to refinance and extend debt
- Cooper‑Standard unit is issuing $1.10bn of 9.25% senior secured first‑lien notes due 2031, with multi‑entity guarantees. • Net proceeds plus cash will redeem shorter‑dated, higher‑coupon notes, replacing them with longer‑dated secured debt. • Financing centralizes senior secured guarantees, extends maturities, and forms part of Cooper‑Standard's capital‑structure plan.
CooperStandard launches $1.1 billion secured note to reshape debt profile
Cooper‑Standard Holdings’ wholly owned unit, Cooper‑Standard Automotive Inc., is pricing a private offering of $1.10 billion aggregate principal amount of 9.250% Senior Secured First Lien Notes due 2031, the company says. The new notes constitute senior secured obligations of the issuer and carry guarantees on a senior secured basis from CS Intermediate HoldCo 1 LLC and certain domestic subsidiaries that already guarantee other indebtedness. Cooper‑Standard Latin America B.V. provides a separate guarantee on a senior unsecured basis and also guarantees the issuer’s senior asset‑based revolving credit facility.
The company intends to use the net proceeds, together with cash on hand, to redeem several outstanding securities, including its 13.50% Cash Pay/PIK Toggle Senior Secured First Lien Notes due 2027, its 5.625% Cash Pay/10.625% PIK Toggle Senior Secured Third Lien Notes due 2027, and its 5.625% Senior Notes due 2026. The issuance is structured to pay applicable redemption prices, any premiums and related fees and expenses, representing a focused liability‑management step that replaces shorter‑dated and higher‑coupon obligations with a longer‑dated secured instrument.
The offering, which is expected to close on March 4, 2026 subject to customary closing conditions, signals CooperStandard’s ongoing effort to extend maturities and consolidate secured claims around a first‑lien facility. Management frames the financing as part of a broader capital structure management plan for the automotive supplier, which operates in the sealing, fuel and brake delivery and fluid transfer systems market. The move centralises senior secured guarantees and links the refinancing to the company’s existing asset‑based revolver guarantees.
Placement and investor scope
The notes are being offered privately under exemptions from registration, available only to “qualified institutional buyers” under Rule 144A and to non‑U.S. persons outside the United States under Regulation S. The securities and guarantees are not being registered under the U.S. Securities Act or state laws.
Timing and legal notices
Cooper‑Standard emphasises that the release does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where unlawful, nor is it a notice of redemption or solicitation to purchase any referenced securities. The company reiterates that the notes may not be offered or sold in the United States to U.S. persons absent an applicable exemption.