Viasystems Group, Inc. (NASDAQ: VIAS) (the “Company”) announced today that its wholly owned subsidiary Viasystems, Inc. has priced a private offering of $50 million in aggregate principal amount of 7.875% senior secured notes due 2019 (the “New Notes”) as an additional issuance to its previously issued $550 million in aggregate principal amount of senior secured notes due 2019, at an issue price of 107% of principal amount. The offering is expected to close on April 15, 2014.
The net proceeds from this offering will be used for general corporate purposes, including to supplement its short-term cash on hand while it aggressively pursues to recover its losses related to the September 2012 fire in its Guangzhou manufacturing facility from its insurer, and to pay related fees and expenses in connection with this offering. The New Notes will be guaranteed on a general unsecured basis by the Company and on a senior secured basis by certain of Viasystems, Inc.’s domestic subsidiaries.
The New Notes have not been registered under the Securities Act of 1933 (the “Securities 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 New Notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. A confidential offering circular will be made available to such eligible holders. The offering of the New Notes will be made only by means of a confidential offering circular.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the New Notes, nor shall there be any sales of the New Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
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