Dura Announces Trident Automotive plc Receives Necessary Consents
11 June 1999
Dura Automotive Systems, Inc., Announces Trident Automotive plc Receives Necessary Consents in Tender Offer and Consent Solicitation for Notes
MINNEAPOLIS, June 10 -- Dura Automotive Systems, Inc.
, today announced that its wholly owned subsidiary, Trident
Automotive plc ("Trident"), has received the required consents to amend the
Indenture relating to its outstanding 10% Senior Subordinated Notes due
December 15, 2005 ("Notes"). The consents received and not revoked on or
before June 9, 1999 represent more than a majority of the aggregate principal
amount at maturity of the outstanding Notes. Trident solicited the consents
to these amendments pursuant to an Offer to Purchase and Consent Solicitation
dated May 26, 1999.
The Consent Date (as defined in the Offer to Purchase and Consent
Solicitation) with respect to the Notes will be June 10, 1999. Holders of
Notes who wish to receive the Consent Payment of $25 per $1,000 in Note
principal amount at maturity upon consummation of the tender offer must tender
their Notes and related consents to The Chase Manhattan Bank, as depositary,
at or prior to midnight, New York City time, on June 10, 1999.
The tender offer will expire at midnight, New York City time, on June 23,
1999, unless terminated or extended.
Banc of America Securities LLC is the dealer manager for the tender offer
and the consent solicitation.
Dura Automotive Systems, Inc., is the world's largest independent designer
and manufacturer of driver control systems and a leading global supplier of
door systems, window systems and engineered mechanical components for the
global automotive industry. The company is also a leading supplier of similar
products to the North American recreational vehicle, mass transit and heavy
truck market. The company's products include door modules, parking brake
systems, automotive cables, transmission shifter systems, encapsulated and
sliding windows, window regulators, hinges, latches, seating systems, engine
control products, underbody tire carriers, jacks, brake, clutch and
accelerator pedals and other mechanical assemblies. The company's products
are sold to every North American, European and Japanese original equipment
manufacturers, including Ford, General Motors, DaimlerChrysler, Volkswagen,
BMW, Toyota, Honda, Nissan, PSA (Peugeot and Citroen) and Renault. Dura's
operating headquarters is in Rochester Hills, Mich., and its corporate office
is in Minneapolis, Minn.
This press release is neither an offer to purchase nor a solicitation of
an offer to sell the Notes. The tender offer and consent solicitation are
made only by an Offer to Purchase and Consent Solicitation dated May 26, 1999.
Additional information concerning the terms of the tender offer and consent
solicitation may be obtained from Banc of America Securities LLC, Liability
Management Group, at 888-292-0070. Copies of the Offer to Purchase and
Consent Solicitation Statement and related documents may be obtained from
Beacon Hill Partners, Inc., the information agent, at 800-755-5001.