HAYZ Hayes Lemmerz International (MM)

NORTHVILLE, Mich., May 22 /PRNewswire-FirstCall/ -- Hayes Lemmerz International, Inc. (NASDAQ:HAYZ) today announced the expiration of its previously announced rights offering. The rights offering expired at 5:00 p.m., Eastern Daylight Time, on May 21, 2007. The Company is pleased to announce that the rights offering was significantly over-subscribed, with subscribers in the rights offering seeking to subscribe for approximately 52,167,917 shares of the Company's common stock at a subscription price of $3.25 per share pursuant to their basic subscription privilege and approximately 35,632,946 shares pursuant to their over-subscription privilege. The total number of shares subscribed for in the basic and over-subscription privileges is 32,415,948 shares in excess of the 55,384,615 shares offered in the rights offering to record holders of the Company's common stock as of April 10, 2007. The 3,216,698 shares available to fill over-subscription requests will be allocated among rights holders exercising their over-subscription rights in proportion to the number of shares in their basic subscription privileges. Any excess payments for unfilled over-subscription requests will be returned, without interest, by the subscription agent. The rights offering is part of a recapitalization of the Company and its subsidiaries that includes the previously announced tender offer and consent solicitation for the 10 1/2% Senior Notes due 2010 of HLI Operating Company, Inc., an indirect subsidiary of the Company, and a proposed new senior secured credit facility in the aggregate principal amount of $495.0 million that will be used, together with additional indebtedness of approximately $175.5 million, to refinance debt under the Company's Amended and Restated Credit Agreement dated as of April 11, 2005, to pay related transaction costs, fees, and expenses, to provide working capital, and for other general corporate purposes. All of these transactions are expected to close on or about Wednesday, May 30, 2007. This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities, nor shall there be any sale of securities mentioned in this press release in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 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 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 believes are reasonable but are not guarantees of future events and results. Actual future events and results of the Company 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 most recent Annual Report on Form 10-K and the Company's other reports filed with the SEC. All such forward-looking statements speak only as of the date hereof. Although the Company believes the expectations reflected in the forward- looking statements at the time they are made are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward- looking statements. The Company undertakes 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 with the SEC at http://www.sec.gov/, many of which are beyond the control of the Company, 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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