Associated Materials Announces Offering of $730 Million of Senior Secured Notes
CUYAHOGA FALLS, Ohio, Sept. 28 /PRNewswire/ -- Associated Materials, LLC today announced that Carey Acquisition Corp. and its subsidiary intend to offer $730 million in aggregate principal amount of senior secured notes due 2017 (the "Notes") in a private placement, subject to market and other conditions. The net proceeds from the offering of the Notes will be used, in part, to finance the previously announced acquisition of the parent company of Associated Materials, LLC by affiliates of Hellman & Friedman, LLC, and the offering of the Notes is conditioned upon the contemporaneous closing of the acquisition. Upon completion of the offering and the acquisition, the notes will become obligations of Associated Materials, LLC. The Notes will be guaranteed by all of the direct and indirect domestic subsidiaries of Associated Materials, LLC that guarantee the new senior secured asset-based revolving credit facility that is expected to entered into in connection with the acquisition.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes nor shall there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful. The Notes to be offered have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws, and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the proposed offering of the Notes, the acquisition and the financing thereof. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in the filings with the Securities and Exchange Commission (the "SEC") of AMH Holdings, LLC and Associated Materials, LLC. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, AMH Holdings, LLC and Associated Materials, LLC expressly disclaim any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If AMH Holdings, LLC and Associated Materials, LLC do update one or more forward-looking statements, no inference should be drawn that either of them will make additional updates with respect to those or other forward-looking statements.
AutoZone Authorizes Additional Stock Repurchase
MEMPHIS, Tenn., Sept. 28, 2010 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE:AZO), today announced its Board of Directors authorized the repurchase of an additional $500 million of the Company's common stock in connection with its ongoing share repurchase program. Since the inception of the repurchase program in 1998, and including the above amount, AutoZone's Board of Directors has authorized $9.4 billion.
"AutoZone's continued strong financial performance allows us to repurchase our stock while maintaining our investment grade credit ratings," said Bill Giles, Executive Vice President, Chief Financial Officer, Information Technology and Store Development. "We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans."
About AutoZone:
As of August 28, 2010, AutoZone sells auto and light truck parts, chemicals and accessories through 4,389 AutoZone stores in 48 U.S. states plus the District of Columbia and Puerto Rico and 238 stores in Mexico.
AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the United States. Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, and public sector accounts. AutoZone also sells the ALLDATA brand diagnostic and repair software. On the web AutoZone sells auto and light truck parts through www.autozone.com, and as part of our commercial sales program, through www.autozonepro.com.
AutoZone does not derive revenue from automotive repair or installation.
BestWeek Asia/Pacific: China Life Sticks to Fundamentals for Success
This week's edition of BestWeek Asia/Pacific features an in-depth look at how China Life Insurance Co., the country's largest domestic insurer, is finding success by remaining true to its core.
A.M. Best Co.'s BestWeek Asia/Pacific is a multimedia online digital newsletter for insurance professionals. The 28 September edition is available at http://www.bestweek.com/asia or by visiting http://www.bestweek.com.
This week's edition also features an audio interview with Paul Wilkins, greater China chief executive for broker Marsh Inc., on what Chinese insurers need to do as they look to go global.
Video reports include a review of the A.M. Best Stock Indexes for Asia/Pacific, Global Brokers and Global Reinsurers.
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