Quanex Corporation Announces Terms of Its $100 Million Convertible Senior Debentures
April 30 2004 - 10:00AM
PR Newswire (US)
Quanex Corporation Announces Terms of Its $100 Million Convertible
Senior Debentures HOUSTON, April 30 /PRNewswire-FirstCall/ --
Quanex Corporation announced today that its previously announced
$100 million aggregate principal amount of convertible senior
debentures due 2034 (the Debentures) have been priced at an annual
interest rate of 2.5%. The Debentures are convertible into shares
of Quanex common stock, upon the occurrence of certain events, at a
conversion price of $57.50 per share. In addition, an incremental
$25 million may be raised if the initial purchasers exercise their
right to acquire additional debentures in connection with the
offering. Quanex expects the sale of the Debentures to close on May
5, 2004, and will use the net proceeds 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 of 1933, as
amended (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/
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