CLEVELAND, Aug. 8 /PRNewswire-FirstCall/ -- Hawk Corporation (Amex:
HWK) announced today it has completed its offer to purchase, at par, $89.4
million of its 83/4% Senior Notes due November 1, 2014 (the Offer). The
Offer was required pursuant to the Indenture dated as of November 1, 2004,
as a result of the sale of the Company's precision components segment in
the first quarter of 2007. A total of $22.9 million in aggregate principal
amount has been tendered and not withdrawn as of 5:00 p.m. New York City
time August 7, 2007, the expiration date. Settlement for the tendered
Senior Notes, plus accrued interest of approximately $0.2 million, is
expected to take place on Friday August 10, 2007. Payment for the tendered
Senior Notes will be made from available cash on hand. The Company will
have a remaining Senior Note principal balance of $87.1 million after the
completion of the Offer.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )
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
Any statements contained in this release that are not historical facts
are forward-looking statements. 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.
SOURCE Hawk Corporation
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Related links:
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; Investor Relations, John Baldissera,
BPC Financial Marketing, of Hawk Corporation, +1-800-368-1217
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