Teksid Bonds Take Off On Sale Rumor
GlobalCapital Securitization, is part of the Delinian Group, DELINIAN (GLOBALCAPITAL) LIMITED, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 15236213
Copyright © DELINIAN (GLOBALCAPITAL) LIMITED and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Teksid Bonds Take Off On Sale Rumor

Teksid Aluminum's bonds jumped 30 points to trade at 92 on a potential takeover rumor.

Teksid Aluminum's bonds jumped 30 points to trade at 92 on a potential takeover rumor. In response, the Italy-based maker of aluminum engine castings for the auto industry said it is exploring asset sales and is in talks with potential buyers. In a release, it said it has not entered into any definitive transactions and is uncertain any deal would take place.

Teksid's bonds were hurt in September because of trouble at Schefenacker, another European auto supplier. A dealer said Schefenacker, which saw its bonds trade in the high 20s this week, pulled down Teksid's debt as investors reassessed their holdings in the auto supply sector. Teksid's bonds fell 10 points in September to 64-67 (CIN, 9/06). A trader said a sale to another party would be positive for the bondholders. Teksid's bank debt hardly moved, trading around 100-101.

Teksid used to be owned by Fiat. In 2002, it sold its aluminum foundry to a group of investment funds led by equity investors, including Questor Management Company, JPMorgan Partners, Private Equity Partners SGR and AIG Global Investment Corp. Massimiliano Chiara, finance director, could not be reached.

Gift this article