American Axle Raises Nearly $3 Billion to Fund Dowlais Takeover

American Axle & Manufacturing Inc. raised nearly $3 billion in the US leveraged-finance market to help fund its pending takeover of Dowlais Group Plc.

The auto-parts maker sold $2.1 billion of junk bonds in a two-part offering, up from an initial $1.44 billion, and priced an $835 million term loan, according to people familiar with the situation who asked not to be identified as they’re not authorized to speak publicly. The deals, led by JPMorgan Chase & Co., closed at or tighter than initial price talk.