Standard Motor Products, Inc. Registers Convertible Subordinated Debenture Offering with SEC
26 May 1999
Standard Motor Products, Inc. Registers Convertible Subordinated Debenture Offering with SECNEW YORK, May 25 -- Standard Motor Products, Inc. an automotive replacement parts manufacturer and distributor, announced today that it has filed a Registration Statement with the Securities and Exchange Commission covering the proposed offering of $75,000,000 of Convertible Subordinated Debentures. Goldman, Sachs & Co., and Morgan Stanley Dean Witter have been named as managing underwriters. Proceeds from the sale of the convertible subordinated debentures will be applied to repaying a portion of Standard Motor Products' outstanding indebtedness, the purchase of minority interests in certain subsidiaries and the repurchase of shares of common stock for use in connection with employee benefit plans, with the balance being available for general corporate purposes, including future acquisitions. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.