Attached files
| file | filename |
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| 8-K - FORM 8-K - Altra Industrial Motion Corp. | b85499e8vk.htm |
Exhibit 99.1
Altra Holdings, Inc. Announces Exercise Of
Over-Allotment Option
Over-Allotment Option
BRAINTREE, Mass., March 8, 2011 (GLOBE NEWSWIRE) — Altra Holdings, Inc. (Nasdaq:AIMC) today
announced that, in connection with its previously completed offering of $75 million aggregate
principal amount of 2.75% Convertible Senior Notes due 2031 (the “Notes”), the initial purchasers
have fully exercised the over-allotment option and have purchased an additional $10 million
aggregate principal amount of the Notes. The notes were sold in a private offering to certain
qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the
“Securities Act”). The net proceeds from the exercise of the over-allotment option, after deducting
the initial purchasers’ discount and the estimated offering expenses payable by Altra Holdings,
were approximately $9.7 million. Altra Holdings’ net proceeds from the $85 million aggregate
principal amount of the Notes (including the exercise of the over-allotment option) were
approximately $82 million, after deducting the initial purchasers’ discounts and estimated offering
expenses.
Altra Holdings plans to use the net proceeds of the offering (including the exercise of the
over-allotment option) to fund, in part, the purchase price related to its previously announced
acquisition of substantially all assets and liabilities of Danfoss Bauer GmbH if and when the
acquisition closes. Altra Holdings intends to use the remaining net proceeds for general corporate
purposes, including potential acquisitions, and to pay fees and expenses related to the offering.
The notes have not been and will not be registered under the Securities Act or applicable state
securities laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the Securities Act and applicable state
securities laws.
About Altra Holdings
Altra Holdings, Inc., through its wholly-owned subsidiary Altra Industrial Motion, Inc., is a
leading multinational designer, producer and marketer of a wide range of mechanical power
transmission products. The company brings together strong brands covering over 40 product lines
with production facilities in eight countries and sales coverage in over 70 countries. Our leading
brands include Boston Gear, Warner Electric, TB Wood’s, Formsprag Clutch, Ameridrives Couplings,
Industrial Clutch, Kilian Manufacturing, Marland Clutch, Nuttall Gear, Stieber Clutch, Wichita
Clutch, Twiflex Limited, Bibby Transmissions, Matrix International, Inertia Dynamics, Huco Dynatork
and Warner Linear.
The Altra Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4038
This press release contains forward-looking statements, including statements regarding our intended
use of proceeds. These statements are based on current expectations, forecasts and assumptions
involving risks and uncertainties that could cause actual outcomes and results to differ
materially. These risks and uncertainties include, but are not limited to, the risk that our
offering will not be completed, and other risks, relevant factors and uncertainties identified in
our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, reports on Form 10-Q
and Form 8-K, and our other securities filings. Except as required by law, we disclaim any
intention or obligation to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Contact:
Altra Holdings, Inc.
Christian Storch, Chief Financial Officer
781-917-0541
christian.storch@altramotion.com
Altra Holdings, Inc.
Christian Storch, Chief Financial Officer
781-917-0541
christian.storch@altramotion.com