Texas Industries, Inc. Announces Results to Date of Tender Offer
August 10 2010 - 4:14PM
Texas Industries, Inc. (NYSE:TXI) announced today the results to
date of the previously announced cash tender offer and consent
solicitation (the "Offer") for its outstanding 7 1/4% Senior Notes
due 2013 (CUSIP Nos. 882491AK9 and 882491AN3) (the "Notes"). As of
5:00 p.m., New York City time, on August 9, 2010 (the "Consent
Payment Deadline"), which was the deadline for holders to tender
their Notes in order to receive the consent payment in connection
with the Offer, tenders and consents had been received from holders
of $536,546,000 in aggregate principal amount of the Notes,
representing approximately 97.6% of the outstanding Notes.
Holders of Notes who delivered valid tenders by the Consent
Payment Deadline will receive the total consideration as described
in the Offer to Purchase and Consent Solicitation Statement dated
July 27, 2010 (the "Offer to Purchase"). Holders who tender their
Notes after the Consent Payment Deadline, but on or prior to the
expiration date of the Offer, will receive the tender offer
consideration, which will consist of the total consideration less
the consent payment of $20.00 per $1,000 principal amount of
Notes.
The Offer remains open and is scheduled to expire at 11:59 p.m.,
New York City time, on August 23, 2010, unless extended or earlier
terminated. The Offer is subject to the satisfaction of certain
remaining conditions including the consummation of new debt
financings that are intended to raise proceeds in an aggregate
amount sufficient to fund the tender and certain other customary
conditions.
The complete terms and conditions of the Offer are described in
the Offer to Purchase, copies of which may be obtained from D. F.
King & Co., Inc., the information agent for the Offer, at (800)
578-5378 (U.S. toll-free) or, for bankers and brokers (212)
269-5550 BofA Merrill Lynch is the exclusive dealer manager and
solicitation agent for the Offer. Additional information concerning
the Offer may be obtained by contacting BofA Merrill Lynch, Debt
Advisory Services, at (888) 292-0070 (U.S. toll-free) or (980)
388-9217 (collect).
This announcement is for information purposes only and is not an
offer to purchase, a solicitation of an offer to purchase or a
solicitation of consents with respect to any securities. The
Offer is being made solely by the Offer to Purchase and Consent
Solicitation Statement dated July 27, 2010.
TXI is the largest producer of cement in Texas and a major
cement producer in California. TXI is also a major supplier of
construction aggregate, ready-mix concrete and concrete
products.
The Texas Industries, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6602
Certain statements contained in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other
than statements of historical fact are forward-looking
statements. Forward-looking statements may include the words
"may," "will," "estimate," "intend," "continue," "believe,"
"expect," "plan," "anticipate," and other similar words. Such
statements are subject to risks, uncertainties and other factors,
which could cause actual results to differ materially from future
results expressed or implied by such forward-looking
statements. Potential risks and uncertainties include, but are
not limited to, the impact of competitive pressures and changing
economic and financial conditions on our business, the
cyclical and seasonal nature of our business, the level of
construction activity in our markets, abnormal periods of inclement
weather, unexpected periods of equipment downtime, unexpected
operational difficulties, changes in the cost of raw materials,
fuel and energy, changes in cost or availability of transportation,
changes in interest rates, the timing and amount of federal, state
and local funding for infrastructure, delays in announced capacity
expansions, ongoing volatility and uncertainty in the capital or
credit markets, the impact of environmental laws, regulations and
claims, changes in governmental and public policy, and the risks
and uncertainties described in our reports on Forms 10-K, 10-Q and
8-K. Forward-looking statements speak only as of the date
hereof, and we assume no obligation to publicly update such
statements.
CONTACT: Texas Industries, Inc.
Kenneth R. Allen, Vice President, Finance, Chief Financial
Officer
972.647.6730
kallen@txi.com
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