Quanex Corporation to Issue $100 Million Convertible Senior Debentures
April 28 2004 - 5:02PM
PR Newswire (US)
Quanex Corporation to Issue $100 Million Convertible Senior
Debentures HOUSTON, April 28 /PRNewswire-FirstCall/ -- Quanex
Corporation announced today its intention to sell, subject to
market and other conditions, $100 million aggregate principal
amount of convertible senior debentures due 2034. The offering will
be made solely by means of a private placement pursuant to Rule
144A under the Securities Act of 1933, as amended (the Securities
Act). The initial purchasers will have the option to purchase,
within 13 days from the date of issuance of the debentures, up to
an additional $25 million aggregate principal amount of debentures.
The debentures will be convertible into shares of Quanex common
stock, upon the occurrence of certain events, and mature in 2034.
Quanex expects to use the net proceeds from the offering to repay a
portion of the amounts outstanding under its revolving credit
agreement and for general corporate purposes, including potential
acquisitions. This Quanex press release does not constitute an
offer to sell or the solicitation of an offer to buy securities.
The debentures and the Quanex common stock issuable upon conversion
of the debentures have not been registered under the Securities Act
or the securities laws of any other jurisdiction. Unless they are
registered, the debentures and the common stock issuable upon their
conversion may be offered or sold only in transactions that are
exempt from registration under the Securities Act and other
applicable securities laws. Accordingly, Quanex is offering the
debentures only to "qualified institutional buyers" in reliance on
Rule 144A under the Securities Act. Statements that use the words
"expect," "should," "could," "intend," "will," "might," or similar
words reflecting future expectations or beliefs are forward-looking
statements. The statements above are based on current expectations.
Actual results or events may differ materially from this release.
Factors that could impact future results may include, without
limitation, the effect of both domestic and global economic
conditions, the impact of competitive products and pricing, and the
availability and cost of raw materials. For a more complete
discussion of factors that may affect the Company's future
performance, please refer to the Company's most recent 10-K filing
of December 29, 2003 under the Securities Exchange Act of 1934, in
particular the sections titled, "Private Securities Litigation
Reform Act" contained therein. Contacts: Jeff Galow, 713/877-5327
Valerie Calvert, 713/877-5305
http://www.newscom.com/cgi-bin/prnh/20010522/DATU048
http://www.newscom.com/cgi-bin/prnh/20031231/QUANEXLOGO
http://photoarchive.ap.org/ DATASOURCE: Quanex Corporation CONTACT:
Jeff Galow, +1-713-877-5327, or Valerie Calvert, +1-713-877-5305,
both of Quanex Corporation Web site: http://www.quanex.com/
Copyright
Quanex (NYSE:NX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Quanex (NYSE:NX)
Historical Stock Chart
From Jul 2023 to Jul 2024