Attached files
| file | filename |
|---|---|
| 8-K - STONERIDGE INC | v197018_8k.htm |
| EX-99.1 - STONERIDGE INC | v197018_ex99-1.htm |
| EX-99.2 - STONERIDGE INC | v197018_ex99-2.htm |
| EX-99.4 - STONERIDGE INC | v197018_ex99-4.htm |
Exhibit
99.3
STONERIDGE
ANNOUNCES PROPOSED OFFERING OF $175 MILLION OF SENIOR
SECURED
NOTES
WARREN,
Ohio — September 20, 2010 — Stoneridge, Inc. (NYSE: SRI) (the “Company”) today
announced that it intends to sell up to $175 million aggregate principal amount
of its senior secured notes due 2017 in an offering pursuant to Rule 144A and
Regulation S under the Securities Act of 1933 (the “Securities
Act”).
The notes
will be guaranteed on a senior secured basis by certain of the Company’s
existing and future domestic subsidiaries. The notes and guarantees
will be secured by first-priority liens on certain of the Company’s and the
guarantors’ fixed assets and equity interests in most of the Company’s direct
subsidiaries and its Brazilian joint venture. The notes and guarantees also will
be secured by second-priority liens on certain assets currently securing the
Company’s asset-backed credit facility on a first-priority basis.
The
Company intends to use the proceeds of the offering of the notes and cash on
hand to repurchase its 11 ½% Senior Notes Due 2012 tendered pursuant to a tender
offer and related consent solicitation announced today (and to redeem any
outstanding notes not so purchased) and to pay fees and expenses associated with
the transactions.
The notes
have not been and will not be registered under the Securities Act or the
securities laws of any state and may not be offered or sold in the United States
absent registration or an exemption from the registration requirements of the
Securities Act and applicable state securities laws. This press
release does not constitute an offer to sell or the solicitation of an offer to
buy the notes.
About Stoneridge,
Inc.
Stoneridge,
Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer
of highly engineered electrical and electronic components, modules and systems
principally for the medium- and heavy-duty truck, automotive and agricultural
and off-highway vehicle markets.
Forward-Looking
Statements
Statements
in this release that are not historical fact are forward-looking statements,
which involve risks and uncertainties that could cause actual events or results
to differ materially from those expressed or implied in this
release. Things that may cause actual results to differ materially
from those in the forward-looking statements include, among other factors, the
loss or bankruptcy of a major customer; the costs and timing of facility
closures, business realignment or similar actions; a significant change in
medium- and heavy-duty truck, automotive or agricultural and off-highway vehicle
production; our ability to achieve cost reductions that offset or exceed
customary-mandated selling price reductions; a significant change in general
economic conditions in any of the various countries in which the Company
operates; labor disruptions at the Company’s facilities or at any of the
Company’s significant customers or suppliers; the ability of the Company’s
suppliers to supply the Company with parts and components at competitive prices
on a timely basis; the amount of debt and the restrictive covenants contained in
our asset-backed credit facility; customer acceptance of new products; capital
availability or costs, including changes in interest rates or market
perceptions; the failure to achieve successful integration of any acquired
company or business; the occurrence or non-occurrence of circumstances beyond
our control; and the items described in “Risk Factors” in the Company’s public
filings. In addition, this release contains time-sensitive
information that reflects management’s best analysis only as of the date of this
release. The Company does not undertake any obligation to publicly
update or revise any forward-looking statements to reflect future events,
information or circumstances that arise after the date of this
release. Further information concerning issues that could materially
affect financial performance related to forward-looking statements contained in
this release can be found in the Company’s periodic filings with the Securities
and Exchange Commission.
For more
information, contact:
Kenneth
A. Kure, Corporate Treasurer and Director of Finance
330/856-2443