Standard Announces Extension of Tender Offer for 8% Senior Notes Due 2012, Series B
25 4월 2005 - 10:01PM
PR Newswire (US)
Standard Announces Extension of Tender Offer for 8% Senior Notes
Due 2012, Series B WILSON, N.C., April 25 /PRNewswire-FirstCall/ --
Standard Commercial Corporation (NYSE:STW) announced today that, as
part of its previously announced cash tender offer to purchase any
and all of its outstanding $150.0 million aggregate principal
amount of 8% Senior Notes due 2012, Series B (CUSIP #853258AF8)
(the "Notes"), and solicitation of consents to proposed amendments
to the indenture governing the Notes, it is extending the
expiration date of the tender offer. The tender offer, which was to
have expired at 5:00 p.m., New York City time, on April 27, 2005,
will be extended to 5:00 p.m., New York City time, on May 4, 2005
(the "Expiration Time"), unless further extended by Standard. As a
result of the extension of the Expiration Time and in accordance
with the terms of the Offer to Purchase for Cash and Consent
Solicitation Statement, the Price Determination Date, which was to
be 10 a.m., New York City time, on April 25, 2005, will be extended
to 10 a.m., New York City time, on May 2, 2005. As of 5:00 p.m. on
April 22, 2005, Standard had received tenders and consents for
approximately $143.7 million in aggregate principal amount of the
Notes, representing approximately 95.8% of the outstanding
aggregate principal amount of the Notes. The percentage of consents
received for the Notes exceeds the requisite consents needed to
amend the indenture governing the Notes. Notwithstanding Standard's
receipt of the requisite consents, holders of the Notes that tender
their Notes after the consent payment deadline, while not entitled
to a consent payment, may not tender their Notes without delivering
their consents. The tender offer and the consent solicitation have
been undertaken as a part of the proposed merger of Standard with
and into DIMON Incorporated. Standard currently expects that the
merger will occur in May and is extending the tender offer to
better correspond with the anticipated closing schedule. The tender
offer is subject to the satisfaction of certain conditions,
including DIMON having entered into arrangements satisfactory to it
with respect to financing necessary to complete the tender offer,
the consent solicitation and the merger between DIMON and Standard,
the simultaneous closing of the merger and other customary
conditions. This announcement is for informational purposes only
and is not an offer to purchase, a solicitation of an offer to
purchase or a solicitation of consents with respect to any
securities. The tender offer is being made solely pursuant to the
terms of the Offer to Purchase for Cash and Consent Solicitation
Statement, dated March 8, 2005, and the related Letter of
Transmittal and Consent (as they may be amended from time to time),
and those documents should be consulted for additional information
regarding delivery procedures and the terms and conditions of the
tender offer. Standard Commercial Corporation is the world's third
largest independent leaf tobacco merchant, with operations in more
than 30 countries. For more information on Standard, visit
Standard's website at http://www.sccgroup.com/ . Readers of this
news release should note that comments contained herein that are
not purely statements of historical fact may be deemed to be
forward- looking. Any such forward-looking statement is based upon
management's current knowledge and assumptions about future events.
Standard's actual results could vary materially from those expected
due to many factors, many of which Standard cannot control. These
include changes in the markets for financing necessary to
consummate the merger, failure of either DIMON or Standard to
satisfy conditions to the merger provided in the merger agreement,
changes in demand for and supply of leaf tobacco and wool, weather
and shipping schedules, changes in general economic conditions,
political and terrorist risks and changes in government
regulations. Additional information on factors that may affect
management's expectations or Standard's financial results can be
found in Standard's filings with the Securities and Exchange
Commission, which are available at the SEC's Internet site (
http://www.sec.gov/ ). Interested parties may obtain a free copy of
the joint proxy statement/prospectus related to the proposed
merger, as well as other filings containing information about DIMON
and Standard, without charge at the SEC's Internet site (
http://www.sec.gov/ ). Copies of the joint proxy
statement/prospectus and the filings with the SEC that are
incorporated by reference in the proxy statement/prospectus can
also be obtained, without charge, by directing a request to
Standard Commercial Corporation, 2201 Miller Road, P.O. Box 450,
Wilson, North Carolina 27894-0450, Attention: Investor Relations,
(252) 291 5507. DATASOURCE: Standard Commercial Corporation
CONTACT: Timothy S. Price, +1-252-291-5507, for Standard Commercial
Corporation Web site: http://www.sccgroup.com/
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