Polypore, Inc.'s Offer to Purchase for Cash its Senior Subordinated Notes Will Not be Extended
September 30 2004 - 10:34AM
PR Newswire (US)
Polypore, Inc.'s Offer to Purchase for Cash its Senior Subordinated
Notes Will Not be Extended CHARLOTTE, N.C., Sept. 30
/PRNewswire-FirstCall/ -- Polypore, Inc. announced today that its
Offer to Purchase up to $65,000,000 in aggregate principal amount
of its outstanding 8-3/4% Senior Subordinated Dollar Notes due 2012
and up to euro 44,000,000 in aggregate principal amount of its
outstanding 8-3/4% Senior Subordinated Euro Notes due 2012 is set
to expire today at 5:00 p.m., New York City time. Polypore will not
extend the offer because certain conditions to Polypore's
obligation to accept for payment and pay for the Notes will not be
satisfied prior to the expiration of the offer. No notes will be
accepted for payment. Tendered Notes will be returned in accordance
with the procedures set forth in the Offer to Purchase. Polypore
also announced that it expects its adjusted EBITDA (as defined in
Polypore's existing credit agreement) for the twelve months ended
October 2, 2004 to be approximately $161 million. Polypore, Inc. is
a worldwide developer, manufacturer and marketer of highly
specialized polymer-based membranes used in separation and
filtration processes. For more information, contact: Lynn Amos at
Polypore, Inc., 13800 South Lakes Drive, Charlotte, NC 28273: (704)
587-8409. The Offer to Purchase did not constitute an offer in any
jurisdiction in which, or to or from any person to or from whom, it
was unlawful to make such offer under applicable securities or blue
sky laws. The Offer to Purchase was not made in the Republic of
Italy and the Offer to Purchase was not submitted to the clearance
procedure of the Commissione Nazionale per le Societa e la Borsa
pursuant to Italian laws and regulations and was not used in Italy
in connection with the solicitation of offers to sell. Accordingly,
holders of Notes were notified that, to the extent such holders
were Italian residents, the offers were not available to them and,
as such, any offers to sell received from such persons were void
and neither the Offer to Purchase nor any other material relating
to the Offer to Purchase was distributed or made available in
Italy. Under no circumstances did the Offer to Purchase constitute
the solicitation of an invitation or offer to buy the Notes from
Italian residents. The Offer to Purchase was only for circulation
to persons outside the United Kingdom, persons within the United
Kingdom falling within Article 43 of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2001 or other persons
to whom it was lawfully communicated in accordance with such order.
This release contains "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Statements
that are predictive in nature, that depend upon or refer to future
events or conditions or that include words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," and
similar expressions are forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results and performance to be
materially different from any future results or performance
expressed or implied by these forward-looking statements. These
factors include the following: the highly competitive nature of the
markets in which we sell our products; the failure to continue
developing innovative products; the increased use of synthetic
hemodialysis filtration membranes by our customers; the loss of our
customers; the vertical integration by our customers of the
production of our products into their own manufacturing process;
increases in prices for raw materials or the loss of key supplier
contracts; employee slowdowns, strikes or similar actions; product
liability claims exposure; risks in connection with our operations
outside the United States; the incurrence of substantial costs to
comply with, or as a result of violations of, or liabilities under
environmental laws; the failure in protecting our intellectual
property; the failure to replace lost senior management; the
incurrence of additional debt, contingent liabilities and expenses
in connection of future acquisitions; the failure to effectively
integrate newly acquired operations; seasonal fluctuations; and
absence of expected returns from the amount of intangible assets we
have recorded. Additional information concerning these and other
important factors can be found within the Polypore International's
filings with the Securities and Exchange Commission. Statements in
this release should be evaluated in light of these important
factors. Although we believe that these statements are based upon
reasonable assumptions, we cannot guarantee future results. Given
these uncertainties, the forward-looking statements discussed in
this press release might not occur. DATASOURCE: Polypore, Inc.
CONTACT: Lynn Amos of Polypore, Inc., +1-704-587-8409 Web site:
http://www.polypore.net/
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