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Noble International Announces Closing On European Offering

12 August 1998

Noble International Announces Initial Closing On European Offering of Convertible Subordinated Debentures


    BLOOMFIELD HILLS, Mich.--Aug. 12, 1998--Noble International, Ltd. (AMEX:NIL) announced today initial closings of a European offering of convertible subordinated debentures.
    The debentures have not been registered under the Securities Act of 1933 and will not be offered or sold in the United States. The initial closings were for an aggregate of $20.725 million in principle amount of debentures. Noble used the net proceeds to reduce borrowings on its line of credit in connection with the July 24, 1998 acquisition of Triam Automotive Canada, Inc.
    The European offering is comprised of an offering of 6% convertible subordinate debentures due 2005. They are offered with a minimum subscription of $100,000. The debentures have a payment-in-kind interest feature for the first three years with cash interest thereafter. They possess an initial conversion price of $14.3125 per common share. Beginning January 31, 2004, and each January 31 and July 31 thereafter, up to and including the Maturity Date, July 31, 2005, Noble will redeem for cash (at 100% of the principle amount in addition to accrued interest to the payment date), 25% of the aggregate principal amount of the debentures outstanding on each such date.
    "With this offering and acquisition, Noble moves one step closer to becoming the leading Tier II automotive solutions supplier. We're well capitalized and well positioned for the future." said Lloyd P. Jones, III, President of Noble International. "Noble continues to seek and review strategic acquisitions that enable it to broaden its product offerings, manufacturing capabilities and customer relationships."
    Noble International, Ltd. is a leading Tier II full-service supplier of automotive parts, component assemblies and value-added services to the automotive industry. As a Tier II supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its customers increase their productivity while controlling costs.
    Certain statements in this news release maybe "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.