WAUKEGAN, Ill., Feb. 19, 2010 (GLOBE NEWSWIRE) -- Coleman Cable, Inc. (Nasdaq:CCIX) ("Coleman Cable"), a leading manufacturer and innovator of electrical and electronic wire and cable products, announced today that it has completed its previously announced cash tender offer and consent solicitation (the "Offer") with respect to its outstanding 9.875% senior notes due 2012 (the "Notes").
On February 3, 2010, Coleman Cable announced that as of 5:00 p.m., New York City time, on February 2, 2010 (the "Consent Payment Deadline"), $199,429,000 aggregate principal amount of the 2012 Notes were validly tendered and not withdrawn, which represented approximately 88.6% of the $224,980,000 aggregate principal amount of the 2012 Notes outstanding. On February 3, 2010, Coleman Cable accepted for purchase and payment all of the Notes that were validly tendered at or prior to the Consent Payment Deadline. Payment for the Notes was made on February 3, 2010.
Coleman Cable announced today that no additional Notes were validly tendered and not withdrawn after the Consent Payment Deadline but prior to 11:59 p.m., New York City time, on February 17, 2010 (the "Expiration Date"). The Expiration Date marks the expiration of the Offer.
The remaining $25,551,000 principal amount of the Notes that were not tendered and purchased pursuant to the Offer currently remain outstanding and the holders thereof are subject to the terms of the Indenture, as amended by the terms of the Supplemental Indenture entered into on February 3, 2010. Coleman Cable announced today that it has given notice of the redemption of the outstanding Notes. The redemption date for the Notes is March 22, 2010. The redemption notice stipulates that Coleman Cable will redeem the Notes at a price equal to 102.4688% of the principal amount of the Notes, plus applicable accrued and unpaid interest from the most recent interest payment date for the Notes to, but not including, the redemption date.
This news release is neither an offer to purchase the Notes nor a solicitation of consents to amend the related indenture.
About Coleman Cable, Inc.
Coleman Cable, Inc. is a leading manufacturer and innovator of electrical and electronic wire and cable products for the security, sound, telecommunications, electrical, commercial, industrial, and automotive industries. With extensive design and production capabilities and a long-standing dedication to customer service, Coleman Cable, Inc. is the preferred choice of cable and wire users throughout the United States.
The Coleman Cable, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6583
Various statements included in this release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact constitute forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "believes," "plans," "anticipates," "expects," "estimates," "continues," "could," "may," "might," "potential," "predict," "should," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about Coleman Cable's expectations, beliefs, plans, objectives, assumptions or future events, financial results or performance contained in this release are forward-looking statements. Coleman Cable has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Coleman Cable believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Coleman Cable's most recent Annual Report on Form 10-K (available at www.sec.gov), may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
In addition, any forward-looking statements represent Coleman's views only as of today and should not be relied upon as representing its views as of any subsequent date. While Coleman may elect to update forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if its estimates change and, therefore, you should not rely on these forward-looking statements as representing Coleman's views as of any date subsequent to today.
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