Quanex Corporation Sells $125 Million Convertible Senior Debentures
May 11 2004 - 1:38PM
PR Newswire (US)
Quanex Corporation Sells $125 Million Convertible Senior Debentures
HOUSTON, May 11 /PRNewswire-FirstCall/ -- Quanex Corporation
announced today that on May 5, 2004, it completed the sale of $125
million aggregate principal amount of its 2.50% Convertible Senior
Debentures due 2034 (the Debentures). Quanex closed the sale of
$100 million aggregate principal amount of the Debentures and the
initial purchasers exercised their option to purchase an additional
$25 million aggregate principal amount. 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.
Quanex 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 made the offering of 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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