TEXT-S&P affirms Tower Automotive 'B+' CCR


(The following statement was released by the ratings agency) NEW YORK, May 18 - Standard & Poor's Ratings Services said today that it assigned its 'B-' rating to Novi, Mich.-based Tower Automotive Inc.'s $110 million 5.75% convertible senior debentures maturing in May 2024, to be issued in accordance with SEC Rule 144A with registration rights. Proceeds from the offering, together with a portion of a new senior secured bank credit facility, will repay outstanding indebtedness under ...

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