Hayes Lemmerz Announces Pricing of Tender Offer for 10-1/2% Senior Notes Due 2010
May 21 2007 - 6:37PM
PR Newswire (US)
NORTHVILLE, Mich., May 21 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (the "Company," Nasdaq: HAYZ) announced today
the pricing terms of the previously announced cash tender offer and
consent solicitation of its indirect subsidiary, HLI Operating
Company, Inc. ("HLI") for any and all of the outstanding 10-1/2%
Senior Notes Due 2010 (CUSIP No. 404216AB9) (the "Notes") of HLI.
Terms used but not defined herein have the meanings ascribed to
them in HLI's Offer to Purchase and Consent Solicitation Statement
dated May 8, 2007 (the "Statement"). The total consideration for
the Notes was calculated as of 2:00 p.m., New York City time, May
21, 2007, by reference to a fixed spread of 50 basis points above
the yield to maturity of the applicable U.S. Treasury security as
described in the Statement, plus $2.62. The reference yield for the
Notes was 4.72%. The total consideration per $1,000 principal
amount of Notes that are validly tendered prior to 5:00 p.m., New
York City time, on May 21, 2007 (the "Consent Date") will be
$1,057.80. The total consideration per $1,000 principal amount of
Notes that are validly tendered prior to the Consent Date includes
a cash consent payment of $30.00. Holders of Notes will also
receive accrued and unpaid interest on their Notes up to, but not
including, the Early Payment Date (if HLI decides to exercise the
early payment option) or the Final Payment Date, as the case may
be. As of today, HLI has received tenders and consents for
approximately $153,178,000 in aggregate principal amount of the
Notes, representing approximately 97% of the outstanding Notes. The
tender offer and consent solicitation remain open and are scheduled
to expire on the Expiration Date. The tender offer and consent
solicitation are subject to the satisfaction of certain conditions,
including receipt by the Company upon completion of the Rights
Offering of net cash proceeds sufficient to fund (i) the purchase
of all Notes validly tendered (and not validly withdrawn) in the
tender offer, (ii) the payment of the fees and expenses related to
the Rights Offering, the tender offer, and the consent
solicitation, and (iii) the amendment or refinancing of the
Company's Amended and Restated Credit Agreement dated as of April
11, 2005, and related documents. No assurance can be given that
such conditions will be satisfied, that such new financing will be
completed in a timely manner or at all or that such consent will be
obtained. Deutsche Bank Securities Inc. is the dealer manager for
the tender offer and solicitation agent for the consent
solicitation. Questions regarding the tender offer and consent
solicitation should be directed to Patricia McGowan at (212)
250-7772 (collect). Requests for documentation, including copies of
the Statement and related Letter of Transmittal, may be directed to
Innisfree M&A Incorporated, the Information Agent, which may be
contacted at (212) 750- 5833 (for banks and brokers only) or
toll-free (888) 750-5834 (for all others). This press release is
for informational purposes only and is neither an offer to purchase
nor a solicitation of an offer to sell the Notes. The offers to buy
the Notes only are being made pursuant to the tender offer and
consent solicitation documents, including the Statement that HLI is
distributing to holders of Notes. The tender offer and consent
solicitation is not being made to holders of Notes in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky, or other laws of such
jurisdiction. In any jurisdiction in which the tender offer or
consent solicitation is required to be made by a licensed broker or
dealer, it shall be deemed to be made by Deutsche Bank Securities
Inc. on behalf of Hayes Lemmerz International, Inc. About Hayes
Lemmerz International, Inc. 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.
Forward-looking Statements The information contained in this press
release contains forward-looking statements which are subject to
uncertainties that could cause actual future events and results of
the Company and HLI to differ materially from those expressed in
the forward-looking statements. These forward-looking statements
are based on estimates, projections, beliefs, and assumptions that
the Company and HLI believe are reasonable but are not guarantees
of future events and results. Actual future events and results of
the Company and HLI may differ materially from those expressed in
these forward-looking statements. There can be no assurance that
any forward-looking statements will be realized. Factors that may
cause actual results to differ materially from those contemplated
by such forward looking statements include, among others, the risks
described in the Company's and HLI's most recent Annual Report on
Form 10-K and the Company's and HLI's other reports filed with the
SEC. All such forward-looking statements speak only as of the date
hereof. Although the Company and HLI believe the expectations
reflected in the forward-looking statements at the time they are
made are reasonable, the Company and HLI cannot guarantee future
results, levels of activity, performance, or achievements.
Moreover, neither the Company, HLI, nor any other person assumes
responsibility for the accuracy and completeness of any of these
forward-looking statements. The Company and HLI undertake no duty
or obligation to publicly update or revise the information
contained in this press release, although they may do so from time
to time as they believe is warranted. Any such updating may be made
through the filing of other reports or documents with the SEC,
through press releases or through other public disclosures. You are
cautioned not to place undue reliance on the estimates, projections
and other forward-looking information contained herein as they are
based on current expectations and general assumptions and are
subject to various risks, uncertainties and other factors,
including those set forth in the filings of the Company and HLI
with the SEC at http://www.sec.gov/, many of which are beyond the
control of the Company and HLI, that may cause actual results to
differ materially from the views, beliefs and estimates expressed
herein. DATASOURCE: Hayes Lemmerz International, Inc. CONTACT:
Marika P. Diamond of Hayes Lemmerz International, Inc.,
+1-734-737-5162 Web site: http://www.hayes-lemmerz.com/
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