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Mark IV Industries Debt Remains On RatingAlert Evolving

30 May 2000

Mark IV Industries Debt Remains On RatingAlert Evolving

    NEW YORK--May 30, 2000--Mark IV Industries Inc.'s `BBB-' senior subordinated debt and `BBB' bank loan ratings remain on RatingAlert Evolving by Fitch IBCA, which means that the ratings could be raised, lowered, or remain unchanged.
    This follows the company's announcement that it will be acquired by MIV Acquisition Corp., an entity controlled by funds advised by BC Partners, a European private equity firm, for a price of $23.00 per share in cash. The transaction is valued at $2 billion, including the assumption and/or refinancing of $950 million of assumed debt.
    On completion of the merger, Mark IV Industries is required to offer to purchase the remaining outstanding amount of its $250 million 7 3/4% senior subordinated notes due 2006 and its $275 million 4 3/4% convertible subordinated notes due 2004, at prices set forth in the respective indentures. MIV Acquisition Corporation said that it is currently intended that Mark IV's $250 million 7 1/2% senior subordinated notes due 2007 would remain outstanding, and Fitch IBCA will monitor future disclosures and developments to resolve the RatingAlert Evolving before the merger is consummated.
    Mark IV Industries, Inc., headquartered in Amherst, NY, is a diversified producer of a broad range of proprietary and other power and fluid transfer products and systems for the automotive and industrial markets. BC Partners is a European private equity firm, with funds under management of $4.5 billion.