AUBURN HILLS, Mich., Nov. 28 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (NYSE: CHB), a leader in factory-built construction,
announced today the expiration of the previously announced tender offer and
consent solicitation (the "Offer") for the company's outstanding 7 5/8
percent Senior Notes due 2009 (CUSIP No. 158496AB5) (the "notes").
The Offer expired yesterday at 12:00 midnight New York City time (the
"Expiration Time"). On Nov. 28, 2007 (the "Final Payment Date"), holders,
who tendered their notes prior to the Expiration Time but after 5:00 p.m.,
New York City time, on Nov. 9, 2007 (the "Consent Payment Deadline"), and
whose notes are accepted for purchase by the company, will receive the
tender offer consideration of $1,022.80. Such holders will also receive
accrued and unpaid interest on their notes from the last interest payment
date to, but not including, the Final Payment Date.
As of the Expiration Time, the company had received tenders for
$75,582,000 in aggregate principal amount of the notes representing
approximately 91.84 percent of the outstanding notes (of which $74,843,000
in aggregate principal amount of the notes, representing approximately
90.94 percent, had been received as of the Consent Payment Deadline).
The detailed terms and conditions of the Offer are contained in the
Offer to Purchase and Consent Solicitation Statement. Questions about the
tender offer and consent solicitation may be directed to Credit Suisse at
(212) 325- 4951 (collect). Holders can request documents from D.F. King &
Co., Inc., the depositary and information agent, at (888) 644-5854 (U.S.
toll free) or (212) 269-5550 (collect).
About Champion
Auburn Hills, Michigan-based Champion Enterprises, Inc., a leader in
factory-built construction, operates 31 manufacturing facilities in North
America and the United Kingdom working with independent retailers, builders
and developers. The Champion family of builders produces manufactured and
modular homes, as well as modular buildings for government and commercial
applications.
Forward-Looking Statements
This news release contains, in addition to historical information,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based
on the company's current assumptions, expectations and projections about
future events. Words like "believe," "anticipate," "intend," "estimate,"
"expect," "project" and similar expressions are used to identify
forward-looking statements, although not all forward-looking statements
contain these words. These forward-looking statements are necessarily
estimates reflecting the best judgment of the company's senior management
and involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the forward-looking
statements.
Investors should consider the information contained in the company's
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the 2006 fiscal year, especially in the
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and "Risk Factors" sections, its most recent Quarterly Reports
on Form 10-Q and its Current Reports on Form 8-K. Other unknown or
unpredictable factors also could have material adverse effects on the
company's future results, performance or achievements. In light of these
risks, uncertainties, assumptions and factors, the forward-looking events
discussed in this news release may not occur. You are cautioned not to
place undue reliance on these forward-looking statements, which speak only
as of the date stated, or if no date is stated, as of the date of this news
release.
The company is not under any obligation and does not intend to make
publicly available any update or other revisions to any of the
forward-looking statements contained in this news release to reflect
circumstances existing after the date of this news release or to reflect
the occurrence of future events even if experience or future events make it
clear that any expected results expressed or implied by those
forward-looking statements will not be realized.
SOURCE Champion Enterprises, Inc.
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Related links:
http://www.championhomes.com/
http://www.prnewswire.com/comp/110861.html /
CONTACT:
Laurie Van Raemdonck, Vice President,
Investor Relations, +1-248-340-7731,
lvanraemdonck@championhomes.net, or Phyllis Knight, Executive
Vice President and CFO, +1-248-340-9090, both of Champion
Enterprises, Inc.
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