Equity raise was supposed to happen in conjunction with a debt refinancing. Did the refinance go through? They have $467M cash at end of Q4 that refinance was going to require a hefty $300M prepayment. If they didn't get the refinance then they have a $1.8B loan coming due in 2014 and by then the balance sheet could look a lot worse.
Carl Icahn’s Federal-Mogul Seeks to Extend $1.8 Billion Debt
Dec 3, 2012 10:37 AM ET
Federal-Mogul Corp. (FDML), the auto-parts supplier controlled by billionaire Carl Icahn, will host a call with lenders on Dec. 5 at 10 a.m. in New York to discuss an amendment to its credit pact, according to a person with knowledge of the deal, who asked not to be identified because it’s private.
JPMorgan Chase & Co. and Wells Fargo & Co. are arranging the transaction, which will extend maturities on a $1.8 billion term loan to 2016 from 2014, the company said in a statement today.
Its revolving asset-based credit, to which the banks have agreed to commit an additional $125 million, will be extended to 2017 from 2013, according to the Southfield, Michigan-based company.
As part of the refinancing, Federal-Mogul will issue $150 million of common stock to a subsidiary of Icahn Enterprises LP (IEP) according to the statement. The transaction requires the company to prepay as much as $300 million of the extended term loans.