Purchase offer made pursuant to Asset Sale provision of Indenture dated
November 1, 2004
CLEVELAND, July 11 /PRNewswire-FirstCall/ -- Hawk Corporation (Amex:
HWK) announced today it has commenced an offer to purchase at par its
outstanding 8 3/4% Senior Notes due 2014 (the Notes). The offer to purchase
the Notes is being made pursuant to the Indenture dated as of November 1,
2004, among Hawk Corporation, the guarantors named therein and HSBC Bank
USA, National Association, as Trustee (the Indenture), and the provision of
the Notes.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )
The sale of the Company's precision components segment for
approximately $94.2 million on February 2, 2007 constituted an Asset Sale
pursuant to the terms of the Indenture. As a result of the Asset Sale and
because the Company determined not to apply all of the cash proceeds from
the sale as provided for in the Indenture, the net proceeds offered to the
holders of the Notes will be approximately $84.9 million. The terms and
conditions of the offer to purchase are described in the Offer to Purchase
dated July 11, 2007 along with the Letter of Transmittal, copies of which
will be delivered to the holders of the Notes.
The offer to purchase will expire at 5:00 p.m., New York City time, on
August 7, 2007.
This announcement is not an offer to purchase, nor a solicitation of
tenders with respect to the Notes. The offer to purchase is being made
solely pursuant to the Offer to Purchase dated July 11, 2007 and the
accompanying Letter of Transmittal.
The Company
Hawk Corporation is a leading worldwide supplier of highly engineered
products. Its friction products group is a leading supplier of friction
materials for brakes, clutches and transmissions used in airplanes, trucks,
construction and mining equipment, farm equipment, recreational and
performance automotive vehicles. The Company's performance racing group
manufactures clutches and gearboxes for motorsport applications and
performance automotive markets. Headquartered in Cleveland, Ohio, Hawk has
approximately 1,100 employees at 11 manufacturing, research, sales and
administrative sites in 5 countries.
Forward-Looking Statements
This press release includes forward-looking statements concerning the
Company's offer to purchase. These forward-looking statements are based
upon management's expectations and beliefs concerning future events.
Forward- looking statements are necessarily subject to risks, uncertainties
and other factors, many of which are outside the control of the Company and
which could cause actual results to differ materially from such statements.
The Company cannot provide assurance that the offer to purchase will be
completed.
Actual results and events may differ significantly from those projected
in the forward-looking statements. Reference is made to the Company's
filings with the Securities and Exchange Commission, including its annual
report on Form 10-K for the year ended December 31, 2006, its quarterly
reports on Form 10-Q, and other periodic filings, for a description of the
foregoing and other factors that could cause actual results to differ
materially from those in the forward-looking statements. Any
forward-looking statement speaks only as of the date on which such
statement is made, and the Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Hawk Corporation is online at: http://www.hawkcorp.com/
SOURCE Hawk Corporation
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http://www.hawkcorp.com/
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Joseph J. Levanduski, CFO, +1-216-861-3553,
Thomas A. Gilbride, Vice President - Finance, +1-216-861-3553,
both of Hawk Corporation, or Investors, John Baldissera of BPC
Financial Marketing, +1-800-368-1217
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