HUNTSVILLE, Ala., April 21, 2009 -- Wolverine Tube, Inc. ("Wolverine Tube") announced that approximately $122 million or 88% of its outstanding notes have agreed to exchange for newly issued notes due 2012. The exchanges are not subject to withdrawal, however the exchange offer will remain open to permit additional exchanges to be submitted to the Company. The Company intends to accept all exchanges on April 27, 2009 and consummate the closing promptly thereafter.
Steven S. Elbaum, Chairman of Wolverine, stated that "the Company is appreciative of the support reflected in the results of the exchange offer, which refinances nearly all of its outstanding notes. The Company's management will be totally focused on continuing improvements in its competitiveness, new product development, particularly energy efficient products, to benefit from eventual economic recovery, while maintaining adequate liquidity to operate through extremely difficult market conditions."
About Wolverine Tube:
Wolverine is a leading manufacturer and supplier of surface-enhanced copper and copper alloy tubular components, high-tech brazing and joining compounds, and specialty alloy tubular components. Wolverine's proprietary, custom-engineered components provide thermal management solutions for our customers in multiple markets including HVAC, refrigeration and appliance, electronics cooling, power generation, petrochemical and chemical processing. Wolverine delivers the most advanced metal surface technology enhancements for heat transfer solutions in today's marketplace. Internet addresses: www.wlv.com, www.silvaloy.com, www.microcooling.com
Forward-Looking Statements
All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and Wolverine Tube expressly disclaims any obligations to release publicly any update or revision to any forward-looking statement contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.