Exide Technologies Announces Pricing Of Private Placement Of Senior Secured Notes
MILTON, Ga., Jan. 13, 2011 (GLOBE NEWSWIRE) -- Exide Technologies (the "Company") (Nasdaq:XIDE), a global leader in electrical energy solutions, today announced the pricing of its private placement of $675 million in aggregate principal amount of 8⅝% senior secured notes due 2018 (the "Notes"). The Notes were priced at 100% of the principal amount of the Notes, plus accrued interest, if any, from January 25, 2011. The Notes will be the Company's senior secured obligations and will not be guaranteed by any of the Company's subsidiaries on the issue date.
The closing of the offering of the Notes is expected to occur on or about January 25, 2011 and is conditioned upon the Company concurrently entering into a new senior secured asset-based revolving credit facility, as well as other customary conditions.
The Company intends to use the net proceeds from the offering of Notes (i) to repay outstanding borrowings under the Company's existing credit facilities, (ii) to fund the tender offer and consent solicitation or the redemption by the Company, as applicable, of its outstanding 10.5% senior notes due 2013, and (iii) for ongoing working capital and other general corporate purposes.The Notes have not been registered under the Securities Act of 1933 (the "Act") or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The Notes will be offered only to qualified institutional buyers in reliance Rule 144A under the Act and to certain non-US persons outside the United States in reliance on Regulation S under the Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any offer, solicitation or sale of any Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This release is being issued pursuant to and in accordance with Rule 135c under the Act.
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