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Exide Technologies Announces Planned Rights
Offering
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Alpharetta, Georgia - (August 28, 2007)
- Exide Technologies (Nasdaq: XIDE), a global leader in
stored electrical energy solutions, today announced that it is
planning to commence a rights offering of common stock to its
stockholders, which, would produce gross proceeds to the Company
of up to $91.7 million.
The Company has entered into a standby purchase agreement with
Tontine Capital Partners, L.P. and Legg Mason Investment Trust,
Inc., pursuant to which these current stockholders have agreed
to backstop the rights offering by purchasing shares of common
stock that relate to any rights that remain unexercised at the
expiration of the rights offering.
The Company will be distributing non-transferable rights to
subscribe for and purchase up to 14 million shares of its common
stock to common stockholders of record as of 5:00 p.m. Eastern
Daylight Time, August 30, 2007 (the “Record Date”). In the
offering, each common stockholder will receive a right to
purchase 0.22851 shares of common stock, at a subscription price
of $6.55 per share, for each share owned on the Record Date.
Stockholders will be able to exercise their rights to purchase
shares in the offering until 5:00 p.m. Eastern Daylight Time on
Friday, September 28, 2007.
A copy of the prospectus supplement relating to the rights
offering meeting the requirements of Section 10 of the
Securities Act of 1933 and additional materials relating to the
rights offering are expected to be mailed on or about September
4, 2007 to common stockholders of the Company as of the record
date. Common stockholders may also obtain a copy of the
prospectus from the information agent for the offering,
Georgeson Shareholders Communications Inc., 17 State Street,
10th Floor, New York, New York 10004, telephone (888)605-7606.
Further information regarding the rights offering is contained
in the Company’s Form 8-K to be filed with the Securities and
Exchange Commission. The Company expects to utilize the proceeds
of the transactions to fund working capital, capital
expenditures, strategic opportunities, additional restructuring
activities and general corporate purposes.
This announcement is neither an offer to purchase nor a
solicitation of an offer to sell any securities. The shares to
be sold to the investors will not be registered under the
Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an applicable exemption.
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| Forward Looking Statements
Except for historical
information, this press release may be deemed to contain
“forward-looking” statements. The Company desires to avail
itself of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 (the “Act”) and is including this
cautionary statement for the express purpose of availing itself
of the protection afforded by the Act. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement in this or any prior forward-looking statements
whether as a result of new information, future developments or
otherwise.
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