AUBURN HILLS, Mich., Nov. 1 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (the "Company") (NYSE: CHB) announced today that its
subsidiary, Champion Home Builders, has completed its previously announced
senior debt refinancing and its bond tender offer and consent solicitation.
The new $200 million senior secured credit facility replaces Champion Home
Builders' 11.25% Senior Notes due 2007 and its previous revolving credit
facility, and adds a new $40 million undrawn revolving credit facility.
"We are pleased to have successfully completed this debt refinancing. The
terms of the new credit facility are a favorable reflection of the progress we
have made since the 11.25% notes were issued in early 2002," said Phyllis
Knight, executive vice president and chief financial officer. "The new
facility affords us greater opportunity to optimize shareholder value going
forward."
The bond tender offer and consent solicitation expired on October 28, 2005
and $82.4 million face amount of bonds were tendered representing 93% of the
Notes outstanding. The remaining $6 million of Notes are expected to be
redeemed via provisions in the Note indenture during the fourth quarter.
About Champion
Champion Enterprises, headquartered in Auburn Hills, Mich., a leading
manufacturer of factory-built housing, has produced more than 1.6 million
homes since 1953. Today, Champion operates 32 homebuilding manufacturing
facilities in North America and partners with nearly 3,000 independent
retailers, builders and developers. For more information, please visit
http://www.championhomes.net .
Forward Looking Statements
This news release contains certain statements, which could be construed to
be forward looking statements within the meaning of the Securities and
Exchange Act of 1934. These statements reflect the Company's views with
respect to future plans, events and financial performance. The Company does
not undertake any obligation to update the information contained herein, which
speaks only as of the date of this press release. The Company has identified
certain risk factors which could cause actual results and plans to differ
substantially from those included in the forward looking statements. These
factors are discussed in the Company's most recently filed Form 10-K and other
SEC filings, in each case under the section entitled "Forward Looking
Statements," and those discussions regarding risk factors are incorporated
herein by reference.
SOURCE Champion Enterprises, Inc.
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Related links:
http://www.championhomes.net
Company News On-Call:
http://www.prnewswire.com/comp/110861.html
CONTACT:
Lisa D. Lettieri, Vice President of Investor
Relations, +1-248-340-7731, llettieri@championhomes.net , or
Phyllis A. Knight, Executive Vice President and CFO,
+1-248-340-9090, both of Champion Enterprises
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