March 27, 2012
/PRNewswire/ -- KEMET Corporation (NYSE: KEM) ("KEMET") today announced that it has completed a previously announced offering of
of aggregate principal amount of 10 1/2% senior notes due 2018 (the "Senior Notes") to qualified institutional buyers within
the United States
pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside
the United States
pursuant to Regulation S under the Securities Act. The Senior Notes were issued at a price of 105.500% of their principal amount plus accrued interest from
November 1, 2011
. The Senior Notes have identical terms to, and are expected to be treated as a single class with, the
in aggregate principal amount of 10 1/2% Senior Notes due 2018 issued on
May 5, 2010
The Senior Notes are senior obligations of KEMET and are 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.
KEMET's common stock is listed on the NYSE under the symbol "KEM." At the Investor Relations section of our web site at
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CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET's financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which KEMET operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. KEMET undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.