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March 22, 2012 /PRNewswire/ -- KEMET Corporation (NYSE: KEM) ("KEMET") today announced that it intends to offer, subject to market and customary conditions, an additional
$100 million in aggregate principal amount of 10-1/2% senior notes due 2018 (the "Senior Notes") in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Senior Notes will have identical terms to, and are expected to be treated as a single class with, the
$230 million in aggregate principal amount of 10-1/2% senior notes due 2018 issued on
May 5, 2010.
The Senior Notes are expected to be guaranteed by each of KEMET's domestic restricted subsidiaries and secured by a first priority lien on 51% of the capital stock of certain of KEMET's foreign restricted subsidiaries. KEMET intends to use the net proceeds from the sale of the Senior Notes to finance a portion of the acquisition of Niotan Incorporated, make the initial payment to acquire a portion of NEC TOKIN Corporation, pay related transactions fees and expenses and for general corporate purposes.
Because the Senior Notes will not be registered under the Securities Act or applicable state securities laws, the Senior Notes may not be offered or sold in
the United States absent registration or an applicable exemption from such registration requirements. This release is being issued pursuant to and in accordance with Rule 135c under the Securities Act and does not constitute an offer to sell or a solicitation of an offer to buy the Senior Notes.
This release is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to purchase the Senior Notes or any other securities. The Senior Notes offer is not made to any persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.