Exide Technologies Announces Expiration And Results Of Tender Offer And Consent Solicitation For Outstanding 10 1/2% Senior Secured Notes Due 2013
MILTON, Ga., Feb. 8, 2011 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE), a global leader in stored electrical energy solutions, announced today the expiration of its previously announced cash tender offer for its outstanding 10 ½% Senior Secured Notes due 2013 (the "Notes") (CUSIP No. 302051AJ6) and the related consent solicitation to amend the indenture governing the Notes. The tender offer expired at 12:00 midnight, New York City time, on February 7, 2011 (the "Expiration Time"). The tender offer and the consent solicitation were made on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated January 10, 2011 (the "Offer to Purchase") and the related letter of transmittal and consent.
At or prior to the Expiration Time, $276,278,000 aggregate principal amount of Notes, representing approximately 95.27% of the aggregate principal amount of Notes outstanding, had been validly tendered and not validly withdrawn pursuant to the tender offer. This amount includes the $276,069,000 aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on January 24, 2011 (the "Consent Deadline"), which Notes the Company previously accepted for purchase pursuant to the tender offer and the consent solicitation. The Company has accepted for purchase, and will pay for today, the remaining $209,000 aggregate principal amount of Notes validly tendered after the Consent Deadline but at or prior to the Expiration Time.
The total consideration paid for Notes that were validly tendered and not validly withdrawn at or prior to the Consent Deadline was equal to $1,014 for each $1,000 in principal amount of Notes, plus accrued and unpaid interest on such principal amount of Notes to, but not including, the date of payment for the Notes accepted for purchase.The total consideration set forth above includes a consent payment of $14 for each $1,000 in principal amount of the Notes to holders who validly tendered and did not validly withdraw their Notes and provided their consents to the proposed amendments to the indenture governing the Notes at or prior to the Consent Deadline. Holders of Notes validly tendered after the Consent Deadline but at or prior to the Expiration Time will not receive a consent payment.
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