Standard Announces Extension of Tender Offer for 8% Senior Notes Due 2012, Series B
April 01 2005 - 9:00AM
PR Newswire (US)
Standard Announces Extension of Tender Offer for 8% Senior Notes
Due 2012, Series B WILSON, N.C., April 1 /PRNewswire-FirstCall/ --
Standard Commercial Corporation (NYSE:STW) announced today that, as
part of its previously announced cash tender offer to purchase any
and all of its outstanding $150.0 million aggregate principal
amount of 8% Senior Notes due 2012, Series B (CUSIP #853258AF8)
(the "Notes"), and solicitation of consents to proposed amendments
to the indenture governing the Notes, it is extending the
expiration date of the tender offer. The tender offer, which was to
have expired at 5:00 p.m., New York City time, on April 5, 2005,
will be extended to 5:00 p.m., New York City time, on April 14,
2005 (the "Expiration Time"), unless further extended by Standard.
As a result of the extension of the Expiration Time and in
accordance with the terms of the Offer to Purchase for Cash and
Consent Solicitation Statement, the Price Determination Date, which
was to be 10 a.m., New York City time, on April 1, 2005, will be
extended to 10 a.m., New York City time, on April 12, 2005.
Standard previously announced that, as of 5:00 p.m. on March 21,
2005 (the "Consent Payment Deadline"), it had received tenders and
consents for approximately $145.7 million in aggregate principal
amount of the Notes, representing approximately 97.1% of the
outstanding aggregate principal amount of the Notes. The percentage
of consents received for the Notes exceeds the requisite consents
needed to amend the indenture governing the Notes. Notwithstanding
Standard's receipt of the requisite consents, holders of the Notes
that tender their Notes after the Consent Payment Deadline, while
not entitled to a consent payment, may not tender their Notes
without delivering their consents. The tender offer and the consent
solicitation have been undertaken as a part of the proposed merger
of Standard with and into DIMON Incorporated. Standard currently
expects that the merger will occur in April and is extending the
tender offer to better correspond with the anticipated closing
schedule. The tender offer is subject to the satisfaction of
certain conditions, including DIMON having entered into
arrangements satisfactory to it with respect to financing necessary
to complete the tender offer, the consent solicitation and the
merger between DIMON and Standard, the simultaneous closing of the
merger and other customary conditions. This announcement is for
informational 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 tender offer is being made
solely pursuant to the terms of the Offer to Purchase for Cash and
Consent Solicitation Statement, dated March 8, 2005, and the
related Letter of Transmittal and Consent (as they may be amended
from time to time), and those documents should be consulted for
additional information regarding delivery procedures and the terms
and conditions of the tender offer. Standard Commercial Corporation
is the world's third largest independent leaf tobacco merchant,
with operations in more than 30 countries. For more information on
Standard, visit Standard's website at http://www.sccgroup.com/ .
Readers of this news release should note that comments contained
herein that are not purely statements of historical fact may be
deemed to be forward- looking. Any such forward-looking statement
is based upon management's current knowledge and assumptions about
future events. Standard's actual results could vary materially from
those expected due to many factors, many of which Standard cannot
control. These include changes in the markets for financing
necessary to consummate the merger, failure of either DIMON or
Standard to satisfy conditions to the merger provided in the merger
agreement, changes in demand for and supply of leaf tobacco and
wool, weather and shipping schedules, changes in general economic
conditions, political and terrorist risks and changes in government
regulations. Additional information on factors that may affect
management's expectations or Standard's financial results can be
found in Standard's filings with the Securities and Exchange
Commission, which are available at the SEC's Internet site (
http://www.sec.gov/ ). Interested parties may obtain a free copy of
the joint proxy statement/prospectus related to the proposed
merger, as well as other filings containing information about DIMON
and Standard, without charge at the SEC's Internet site (
http://www.sec.gov/ ). Copies of the joint proxy
statement/prospectus and the filings with the SEC that are
incorporated by reference in the proxy statement/prospectus can
also be obtained, without charge, by directing a request to
Standard Commercial Corporation, 2201 Miller Road, P.O. Box 450,
Wilson, North Carolina 27894-0450, Attention: Investor Relations,
(252) 291 5507. DATASOURCE: Standard Commercial Corporation
CONTACT: Timothy S. Price of Standard Commercial Corporation,
+1-252-291-5507 Web site: http://www.sccgroup.com/
Copyright
Standard Commercial (NYSE:STW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Standard Commercial (NYSE:STW)
Historical Stock Chart
From Sep 2023 to Sep 2024