Jacuzzi Brands, Inc. Commences 'Offer to Purchase' Up to an Aggregate of $47,690,000 Aggregate Principal Amount of its 9 5/8% S
12 4์ 2006 - 6:03AM
Business Wire
Offer Price is 100% of Principal Amount Plus Accrued and Unpaid
Interest, As Required by the Indenture Governing the Securities
Jacuzzi Brands, Inc. ("Jacuzzi") today announced that it has
commenced an "asset disposition offer" for the purchase of an
aggregate of up to $47,690,000 aggregate principal amount of its 9
5/8% Senior Secured Notes Due 2010 (the "Securities") at a purchase
price of $1,000 per $1,000 principal amount of the Securities, plus
accrued and unpaid interest to the date of payment. The offer will
expire at 12:01 a.m., New York City time, on May 22, 2006, unless
extended. On June 30, 2005, the Company completed the sale of its
investment in Rexair, Inc. to Rhone Capital LLC. On July 1, 2005,
the Company completed the sale of substantially all of the assets
of Eljer Plumbingware, Inc. to affiliates of Sun Capital Partners,
Inc. The Indenture governing the Securities requires Jacuzzi to
reinvest the net proceeds from asset sales in assets useful to its
business within one year of the closing, or use such proceeds to
repay debt senior to the Securities. To the extent that Jacuzzi
does not so apply the proceeds, it must make an asset disposition
offer to purchase the Securities. Jacuzzi has applied approximately
$98.8 million of the asset sale proceeds to retire its term loan
and repay the balance of its asset-based credit facility. The
Company has determined to launch the offer at this time with the
remaining proceeds, net of certain expenses and payments incurred
in connection with the dispositions, as provided in the Indenture.
This press release is neither an offer to purchase nor a
solicitation of an offer to sell the Securities. The offer is being
made only by the Offer to Purchase dated April 11, 2006. Persons
with questions regarding the offer should contact Diana Burton,
Vice President-Investor Relations, by telephone at (561) 514-3850.
About Jacuzzi Brands Jacuzzi Brands, Inc. through its subsidiaries,
is a global manufacturer and distributor of branded bath and
plumbing products for the residential, commercial and institutional
markets. These include whirlpool baths, spas, showers, sanitary
ware and bathtubs, as well as professional grade drainage, water
control, commercial faucets and other plumbing products. Its
products are marketed under its portfolio of brand names, including
JACUZZI(R), SUNDANCE(R), ZURN(R), and ASTRACAST(R). Learn more at
www.jacuzzibrands.com. Business Risks The statements contained in
this press release and Jacuzzi's other oral and written statements
that are not historical in nature are forward-looking statements
that involve risks and uncertainties. Although management of
Jacuzzi believes that its expectations are based upon reasonable
assumptions within the bounds of its knowledge of Jacuzzi's
business, there can be no assurance that they in fact will be
realized. Numerous factors may affect Jacuzzi's actual results and
may cause results to differ materially from those expressed in
forward-looking statements made by or on behalf of Jacuzzi
including such factors listed from time to time in Jacuzzi's
reports filed with the Securities and Exchange Commission including
the factors described in Jacuzzi's 2005 Annual Report on Form 10-K
under the heading "Disclosure Concerning Forward-Looking Statements
and Factors That May Affect Future Results." Jacuzzi does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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