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Hayes Lemmerz closes primary offering of 7.7 million shares

Hayes Lemmerz International, Inc. announced the closing of its primary offering of approximately 7.7 million shares of common stock, including approximately 1.3 million shares to cover over-allotments, and a secondary offering of 2.0 million shares of its common stock.

The company will use the net proceeds that it received in the offering to redeem $87.5 million aggregate principal amount of its outstanding 10-1/2% Senior Notes due 2010, to prepay a portion of its Term Loan Facility and for general corporate purposes.

The secondary offering was for shares owned by AP Wheels, LLC, an affiliate of Apollo Management V, L.P. Pursuant to the registration agreement between Apollo and the Company relating to the offering, Steve Martinez, one of the members of the Hayes Lemmerz board of directors who had been selected by Apollo, resigned from his position on the Hayes Lemmerz board upon the closing of the offering.

Curtis Clawson, Chairman and CEO said, "Steve has been a valuable member of the Board since he joined in June. We appreciate Steve's contributions and wish him the best in all future endeavors."

Lehman Brothers and Merrill Lynch & Co. were the managing underwriters and joint bookrunners for the offering and Citigroup Global Markets Inc., Lazard Freres & Co. LLC and UBS Securities LLC served as co-managers.

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