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Exide Technologies Announces Closing Of
Rights Offering
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Alpharetta, Georgia - (October 5, 2007)
- Exide Technologies (NASDAQ: XIDE, www.exide.com), a global
leader in stored electrical energy solutions, today announced
the completion of its previously announced rights offering.
Subscribers in the rights offering, including Tontine Capital
Partners, L.P. and affiliates, and Legg Mason Investment Trust,
Inc. (collectively, the “Standby Purchasers”), subscribed for
11,060,478 shares of the Company’s common stock, or
approximately 79% of the 14 million shares available, pursuant
to their basic and applicable oversubscription privileges.
Pursuant to the rights offering and the transactions
contemplated by the standby purchase agreement, the Standby
Purchasers were deemed to have exercised the rights that were
not exercised by the Company’s other shareholders, and
subscribed for the remaining 2,939,522 shares of common stock.
The rights offering generated aggregate gross proceeds of $91.7
million for the Company.
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About Exide
Exide Technologies, with
operations in more than 80 countries, is one of the world's
largest producers and recyclers of lead-acid batteries. The
Company's four global business groups -- Transportation
Americas, Transportation Europe and Rest of World, Industrial
Energy Americas and Industrial Energy Europe and Rest of World
-- provide a comprehensive range of stored electrical energy
products and services for industrial and transportation
applications.
Transportation markets include original-equipment and
aftermarket automotive, heavy-duty truck, agricultural and
marine applications, and new technologies for hybrid vehicles
and 42-volt automotive applications. Industrial markets include
network power applications such as telecommunications systems,
electric utilities, railroads, photovoltaic (solar-power
related) and uninterruptible power supply (UPS), and
motive-power applications including lift trucks, mining and
other commercial vehicles.
Further information about Exide, including its financial
results, are available at
www.exide.com.
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