Actuant Announces Redemption of 2% Senior Subordinated Convertible Notes Due 2023
March 28 2012 - 8:00AM
Business Wire
Actuant Corporation (NYSE: ATU) today announced that it had
given notice of its intention to redeem all of the outstanding
2.00% Senior Subordinated Convertible Notes due 2023 (CUSIP No.
00508XAB0) (the "Notes") on April 27, 2012 at a price payable in
cash equal to 100% of the principal amount of the Notes being
redeemed (the “Redemption Price”), plus accrued and unpaid
interest, if any, up to, but excluding, April 27, 2012. As of
February 29, 2012, there was $117,591,000 in aggregate principal
amount of the Notes outstanding.
The Notes are convertible at any time prior to 5:00 p.m. Eastern
Time, April 26, 2012 at a rate of 50.6554 shares of common stock
per $1,000 principal amount of the Notes surrendered. The Notes
surrendered for conversion will be settled in stock in accordance
with the provisions of the indenture.
"We are pleased to announce the redemption of the convertible
notes, which since issued in 2003 have successfully served the
needs of both Actuant and the Noteholders," said Andrew Lampereur,
Actuant’s Chief Financial Officer. "Actuant has delivered strong
financial performance including robust cash flow. With this
redemption, Actuant will further reduce its debt leverage with no
impact to fully diluted earnings per share as the share equivalent
of the notes have been included in our fully diluted share count
since they were issued. We remain committed to improving the
capital structure of the Company and continue to examine
opportunities to improve shareholder value."
The Company has prepared a notice to holders specifying the
terms, conditions and procedure of the redemption. The notice is
available through The Depository Trust Company (“DTC”) and U.S.
Bank National Association, which is serving as the paying agent.
The name and address of the paying agent and the conversion agent
is as follows:
U.S. Bank National Association 60 Livingston Avenue St. Paul,
Minnesota 55107 Attention: Corporate Trust Department Facsimile:
651-495-8097
To convert interests in a global Note, the holder must comply
with the applicable conversion program procedures of The Depository
Trust Company.
About Actuant
Corporation
Actuant Corporation is a diversified industrial company with
operations in more than 30 countries. The Actuant businesses are
leaders in a broad array of niche markets including branded
hydraulic and electrical tools and supplies; specialized products
and services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit the Company's website at www.actuant.com.
Safe Harbor
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. Management cautions that
these statements are based on current estimates of future
performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these estimates.
Actuant’s results are also subject to general economic conditions,
variation in demand from customers, the impact of geopolitical
activity on the economy, continued market acceptance of the
Company’s new product introductions, the successful integration of
acquisitions, restructuring, operating margin risk due to
competitive pricing and operating efficiencies, supply chain risk,
material and labor cost increases, foreign currency fluctuations
and interest rate risk. See the Company’s Form 10-K filed with the
Securities and Exchange Commission for further information
regarding risk factors. Actuant disclaims any obligation to
publicly update or revise any forward-looking statements as a
result of new information, future events or any other reason.
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