Hayes Lemmerz Announces Expiration of Rights Offering
22 May 2007 - 10:30PM
PR Newswire (US)
NORTHVILLE, Mich., May 22 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) today announced the expiration of
its previously announced rights offering. The rights offering
expired at 5:00 p.m., Eastern Daylight Time, on May 21, 2007. The
Company is pleased to announce that the rights offering was
significantly over-subscribed, with subscribers in the rights
offering seeking to subscribe for approximately 52,167,917 shares
of the Company's common stock at a subscription price of $3.25 per
share pursuant to their basic subscription privilege and
approximately 35,632,946 shares pursuant to their over-subscription
privilege. The total number of shares subscribed for in the basic
and over-subscription privileges is 32,415,948 shares in excess of
the 55,384,615 shares offered in the rights offering to record
holders of the Company's common stock as of April 10, 2007. The
3,216,698 shares available to fill over-subscription requests will
be allocated among rights holders exercising their
over-subscription rights in proportion to the number of shares in
their basic subscription privileges. Any excess payments for
unfilled over-subscription requests will be returned, without
interest, by the subscription agent. The rights offering is part of
a recapitalization of the Company and its subsidiaries that
includes the previously announced tender offer and consent
solicitation for the 10 1/2% Senior Notes due 2010 of HLI Operating
Company, Inc., an indirect subsidiary of the Company, and a
proposed new senior secured credit facility in the aggregate
principal amount of $495.0 million that will be used, together with
additional indebtedness of approximately $175.5 million, to
refinance debt under the Company's Amended and Restated Credit
Agreement dated as of April 11, 2005, to pay related transaction
costs, fees, and expenses, to provide working capital, and for
other general corporate purposes. All of these transactions are
expected to close on or about Wednesday, May 30, 2007. This press
release shall not constitute an offer to sell, nor the solicitation
of an offer to buy, any securities, nor shall there be any sale of
securities mentioned in this press release in any state in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. About Hayes Lemmerz International, Inc. Hayes Lemmerz
International, Inc. is a leading global supplier of automotive and
commercial highway wheels, brakes and powertrain components. The
Company has 30 facilities and approximately 8,500 employees
worldwide. Forward-looking Statements The information contained in
this press release contains forward-looking statements which are
subject to uncertainties that could cause actual future events and
results of the Company to differ materially from those expressed in
the forward-looking statements. These forward-looking statements
are based on estimates, projections, beliefs, and assumptions that
the Company believes are reasonable but are not guarantees of
future events and results. Actual future events and results of the
Company may differ materially from those expressed in these
forward-looking statements. There can be no assurance that any
forward-looking statements will be realized. Factors that may cause
actual results to differ materially from those contemplated by such
forward looking statements include, among others, the risks
described in the Company's most recent Annual Report on Form 10-K
and the Company's other reports filed with the SEC. All such
forward-looking statements speak only as of the date hereof.
Although the Company believes the expectations reflected in the
forward- looking statements at the time they are made are
reasonable, the Company cannot guarantee future results, levels of
activity, performance, or achievements. Moreover, neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of any of these forward- looking
statements. The Company undertakes no duty or obligation to
publicly update or revise the information contained in this press
release, although they may do so from time to time as they believe
is warranted. Any such updating may be made through the filing of
other reports or documents with the SEC, through press releases or
through other public disclosures. You are cautioned not to place
undue reliance on the estimates, projections and other
forward-looking information contained herein as they are based on
current expectations and general assumptions and are subject to
various risks, uncertainties and other factors, including those set
forth in the filings of the Company with the SEC at
http://www.sec.gov/, many of which are beyond the control of the
Company, that may cause actual results to differ materially from
the views, beliefs and estimates expressed herein. DATASOURCE:
Hayes Lemmerz International, Inc. CONTACT: Marika P. Diamond of
Hayes Lemmerz International, Inc., +1-734-737-5162 Web site:
http://www.hayes-lemmerz.com/
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