CHARLOTTE, N.C., Sept. 9, 2010 /PRNewswire-FirstCall/ -- Goodrich
Corporation (NYSE: GR) announced today that the company has called
for redemption of all of its outstanding $257,460,000 aggregate principal amount 7.625%
notes due 2012. The redemption date is October 12, 2010. The redemption price for
each note to be redeemed is equal to the greater of (1) 100% of the
principal amount of such note and (2) the sum of the present values
of the remaining scheduled payments of principal and interest
thereon (not including any portion of any payment of interest
accrued to the redemption date) discounted to the redemption date
on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate (as defined in the
related indenture) plus 45 basis points, plus, in each case,
accrued and unpaid interest thereon to the redemption date.
The notes will be redeemed utilizing proceeds from the recent
note offering. Based on the current market conditions, costs
and fees associated with the redemption are expected to be
approximately $39 million expense
pre-tax ($25 million after-tax or
approximately $0.20 per diluted
share), which will be recognized in the fourth quarter of 2010.
The company's 2010 full year outlook for earnings per share
will be adjusted to include the impact of this redemption when the
company announces its third quarter 2010 results on October 21, 2010.
The CUSIP number for the notes is 382388AP1. The trustee
for the notes is The Bank of New York Mellon Trust Company, N.A.
For more information regarding this redemption, note holders
may contact the trustee at 1-800-705-0384.
Goodrich Corporation, a Fortune 500 company, is a global
supplier of systems and services to aerospace, defense and homeland
security markets. With one of the most strategically
diversified portfolios of products in the industry, Goodrich serves
a global customer base with significant worldwide manufacturing and
service facilities. For more information visit
http://www.goodrich.com.
Goodrich Corporation operates through its divisions and as a
parent company for its subsidiaries, one or more of which may be
referred to as "Goodrich Corporation" in this press
release.
Forward-looking Statements
Certain statements made in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding the company's future plans,
objectives, and expected performance. Specifically, statements that
are not historical facts, including statements accompanied by words
such as "believe," "expect," "anticipate," "intend," "estimate," or
"plan," are intended to identify forward-looking statements and
convey the uncertainty of future events or outcomes. The company
cautions readers that any such forward-looking statements are based
on assumptions that the company believes are reasonable, but are
subject to a wide range of risks, and actual results may differ
materially.
Important factors that could cause actual results to differ
include, but are not limited to: fluctuation in the rates of
Treasury bonds with a maturity date of December 2012 and the realization of the
Company's tax rate assumptions for 2010 and 2011. Further
information regarding the factors that could cause actual results
to differ materially from projected results can be found in the
company's filings with the Securities and Exchange Commission,
including in the company's Annual Report on Form 10-K for the year
ended December 31, 2009 and the
company's quarterly report on Form 10-Q for the quarter ended
June 30, 2010.
The company cautions you not to place undue reliance on the
forward- looking statements contained in this release, which speak
only as of the date on which such statements were made. The company
undertakes no obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after
the date on which such statements were made or to reflect the
occurrence of unanticipated events.
SOURCE Goodrich Corporation