Exide Technologies Announces Closing Of $675 Million Senior Secured Notes Offering
MILTON, Ga., Jan. 25, 2011 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE), a global leader in stored electrical energy solutions, today announced the closing of its previously announced private placement of $675 million in aggregate principal amount of 8⅝% senior secured notes due 2018 (the "Notes"). The Company also announced its entry into a new $200 million senior secured asset-based revolving credit facility concurrently with the completion of the offering.
The Company applied a portion of 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 of its outstanding 10.5% senior notes due 2013; and (iii) to discharge and thereafter redeem any and all of the Notes that may remain outstanding after the consummation of the tender offer and the consent solicitation. The Company intends to use the remaining net proceeds from the offering of Notes 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-U.S. 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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