COLUMBUS, Ohio--(BUSINESS WIRE)--Jun. 9, 2009--
Worthington Industries, Inc. (NYSE: WOR) today announced that it has
completed its previously announced cash tender offer (“Tender Offer”)
for any and all of the $138.0 million outstanding principal amount of
its 6.70% Notes due December 1, 2009 (“Notes”).
The Tender Offer expired at 5:00 p.m., EDT, on Monday, June 8, 2009. The
company has accepted for purchase $118.5 million of the Notes which were
validly tendered pursuant to the Tender Offer, representing 85.9% of the
outstanding Notes.
In accordance with the terms of the Tender Offer, the consideration paid
for the Notes will be $1,025 per $1,000 principal amount of Notes, plus
accrued and unpaid interest to, but not including, June 12, 2009.
Wachovia Securities served as Dealer Manager for the Tender Offer. D.F.
King & Co., Inc., served as Tender Agent and Information Agent for the
Tender Offer.
This news release is neither an offer to purchase nor a solicitation to
buy any of these Notes nor is it a solicitation for acceptance of the
Tender Offer. The Company is making the Tender Offer only by, and
pursuant to the terms of, the Offer to Purchase and the related Letter
of Transmittal. The Tender Offer is not being made in any jurisdiction
in which the making or acceptance thereof would not be in compliance
with the securities, blue sky or other laws of such jurisdiction. None
of the Company, the Dealer Manager or the Information Agent makes any
recommendation in connection with the Tender Offer.
Worthington Industries is a leading diversified metal processing company
with annual sales of approximately $3 billion. The Columbus, Ohio, based
company is North America’s premier value-added steel processor and a
leader in manufactured metal products such as metal framing, metal
ceiling grid systems, pressure cylinders, automotive past model service
stampings and laser welded blanks. The company employs approximately
7,000 people and operates 60 facilities in 10 countries.
Founded in 1955, the company operates under a long-standing corporate
philosophy rooted in the golden rule, with earning money for its
shareholders as the first corporate goal. This philosophy, an unwavering
commitment to the customer, and one of the strongest employee/employer
partnerships in American industry serve as the company’s foundation.
Safe Harbor Statement
The company wishes to take advantage of the Safe Harbor provisions
included in the Private Securities Litigation Reform Act of 1995 ("the
Act"). Statements by the company which are not historical information
constitute "forward looking statements" within the meaning of the Act.
All forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ from those projected. Factors
that could cause actual results to differ materially include risks
described from time to time in the company's filings with the Securities
and Exchange Commission.
Source: Worthington Industries, Inc.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP,
Corporate Communications and Investor Relations
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya
L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail:
slhiggin@WorthingtonIndustries.com