Cooper Standard Prices $1.1B of 9.25% Notes Due 2031 to Refinance Debt
Cooper Standard’s automotive unit priced $1.1 billion of 9.25% senior secured first lien notes due 2031, with closing expected March 4, 2026. Net proceeds plus cash on hand will redeem all existing 13.50% and 5.625% senior secured toggle and senior notes due 2026-27, reducing interest costs.
1. Pricing Details
Cooper-Standard Automotive Inc. has privately priced $1.1 billion of 9.250% senior secured first lien notes due March 4, 2031. The notes will be senior secured obligations of the issuer and guaranteed on a senior secured basis by CS Intermediate HoldCo 1 LLC and certain domestic subsidiaries.
2. Redemption and Use of Proceeds
The issuer intends to use the net proceeds together with cash on hand to redeem all outstanding 13.50% cash pay/PIK toggle senior secured first lien notes due 2027, 5.625% cash pay/10.625% PIK toggle senior secured third lien notes due 2027 and 5.625% senior notes due 2026 at applicable redemption prices plus premiums.
3. Guarantee Structure and Closing
In addition to senior secured guarantees, Cooper-Standard Latin America B.V. will guarantee the notes on a senior unsecured basis. The offering, sold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, is expected to close on March 4, 2026, subject to customary conditions.