Dura Prices Cash Tender Offer and Consent Solicitation for Trident plc Notes
22 June 1999
Dura Automotive Systems, Inc., Prices Cash Tender Offer and Consent Solicitation for Trident Automotive plc Notes
MINNEAPOLIS, June 22 -- Dura Automotive Systems, Inc.
, today announced that its wholly-owned subsidiary, Trident
Automotive plc ("Trident"), has determined the price on its cash tender offer
and consent solicitation relating to the $75,000,000 outstanding principal
amount of 10% Senior Subordinated Notes due December 15, 2005 issued by
Trident (the "Notes").
The purchase price to be paid for each validly tendered Note is $1,097.57
(the "Offer Price"). The total tender offer consideration (the "Total
Consideration") is the Offer Price plus a consent payment of $25.00 per $1,000
in Note principal (the "Consent Payment") for a total of $1,122.57 per $1,000
in Note principal. The Total Consideration was determined by reference to a
fixed spread of 75 basis points over the yield to maturity on the 5-7/8% U.S.
Treasury Note due November 30, 2001 as of 2:00 p.m., on June 21, 1999.
The tender offer will expire at midnight, New York City time, on
June 23, 1999, unless terminated or extended. Note holders who validly tender
their Notes at or prior to such time will receive the Offer Price, plus
accrued and unpaid interest on the Notes to, but not including, the date of
payment. Assuming payment on June 24, 1999, the accrued and unpaid interest
will be $2.50 per $1,000 in Note principal.
Only those Note holders who validly consented (and did not revoke such
consent) to the proposed amendments to the indenture pursuant to which the
Notes were issued at or prior to midnight, New York City time, on June 10,
1999, will receive the Consent Payment. As of June 10, 1999, 100% of the
Notes had been tendered in the tender offer and consent solicitation.
Banc of America Securities LLC is the dealer manager for the tender offer
and consent solicitation.
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.
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
manufacturer, 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 contains forward-looking statements based on current
expectations that are covered under the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Actual results and event
related to the transaction may differ from those anticipated as a result of
risks and uncertainties that include, but are not limited to: (i) general
economic or business conditions affecting the automotive industry (which is
dependent on consumer spending), either nationally or regionally, being less
favorable than expected; (ii) expected synergies, economies of scale and cost
savings from recent acquisitions by Dura not being fully realized or realized
within expected time frames; (iii) costs or operational difficulties related
to integrating the operations or recently acquired companies with Dura's
operations being greater than expected; (iv) the failure of Dura or Trident to
develop or successfully introduce new products; (v) increased competition in
the automotive components supply market; (vi) unforeseen problems associated
with international sales, including gains and losses from foreign currency
exchange; (vii) implementation of or changes in the laws, regulations or
policies governing the automotive industry that could negatively affect the
automotive components supply industry; (viii) changes in general economic
conditions in the United States and Europe; and the risks described in Dura's
filings with the Securities and Exchange Commission. Dura undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.