Hayes Lemmerz International Stockholders Approve Rights Offering and Related Proposals
May 04 2007 - 11:37AM
PR Newswire (US)
NORTHVILLE, Mich., May 4 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) announced the results of the
special meeting of stockholders held today to consider the
following proposals: -- Approval of (i) a rights offering (the
"Rights Offering") of up to $180,000,000 to holders of the
Company's outstanding Common Stock as of April 10, 2007, through
the issuance of 55,384,615 rights to purchase one share of Common
Stock at an exercise price of $3.25 per share (the "Exercise
Price"), (ii) the sale of any Common Stock not subscribed for in
the Rights Offering to Deutsche Bank Securities Inc. (the
"Investor") and SPCP Group, LLC, an affiliate of Silver Point
Capital, L.P., (iii) at the Investor's option, the purchase of up
to 4,038,462 shares of Common Stock at the Exercise Price,
resulting in additional proceeds of up to $13,125,002, and (iv) the
related Amended and Restated Equity Purchase and Commitment
Agreement and other transactions contemplated thereby. -- Amendment
of the Company's Certificate of Incorporation to increase the
aggregate number of authorized shares of Common Stock from
100,000,000 to 200,000,000 and the aggregate number of authorized
shares of capital stock from 101,000,000 to 201,000,000. --
Amendment of the Company's Certificate of Incorporation to increase
the maximum number of members of the Board of Directors from nine
to twelve. All three proposals were approved, with more than 99% of
the shares voted at the special meeting and more than 61% of the
total issued and outstanding shares supporting each proposal. "We
very much appreciate the strong support of our stockholders in our
efforts to reduce our debt and increase stockholder equity," said
James Yost, Vice President of Finance and Chief Financial Officer.
"The approval of the Rights Offering and the related proposals is a
significant step in completing our overall debt refinancing,
reducing leverage and lowering interest costs, as reflected in the
improved ratings by Standard & Poor's Ratings Services and
Moody's Investor Services." Each record holder of the Company's
Common Stock on April 10, 2007 received 1.3970 rights for each
share of common stock held on the record date. The rights may be
exercised until 5:00 p.m. Eastern Daylight Time, on Monday, May 21,
2007, unless the Rights Offering is extended by the Company.
Stockholders who receive rights through a bank or broker will
receive instructions for exercising rights from their bank or
broker and may be required to act prior to the stated expiration
time. Hayes Lemmerz may terminate the Rights Offering for any
reason prior to the expiration time. This press release includes
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended, which represent the Company's expectations
and beliefs concerning future events that involve risks and
uncertainties which could cause actual results to differ materially
from those currently anticipated. All statements other than
statements of historical facts included in this release are forward
looking statements. Factors that could cause actual results to
differ materially from those expressed or implied in such forward
looking statements include the factors set forth in our periodic
reports filed with the SEC. Consequently, all of the forward
looking statements made in this press release are qualified by
these and other factors, risks, and uncertainties. Hayes Lemmerz
International, Inc. is a leading global supplier of automotive and
commercial highway wheels, brakes and powertrain components. The
Company has 30 facilities and approximately 8,500 employees
worldwide. DATASOURCE: Hayes Lemmerz International, Inc. CONTACT:
Marika P. Diamond, Hayes Lemmerz International, Inc.,
+1-734-737-5162 Web site: http://www.hayes-lemmerz.com/
Copyright
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
Historical Stock Chart
From Jul 2023 to Jul 2024