PORTLAND, Ore., May 4, 2004 (PRIMEZONE) -- Precision Castparts Corp. (NYSE:PCP) announced today that it has extended its offer (the "Exchange Offer") to exchange up to $200,000,000 aggregate principal amount of its 5.60% Senior Notes due 2013 that have been registered under the Securities Act of 1933 for a like principal amount of its issued and outstanding 5.60% Senior Notes due 2013 that have not been registered under the Securities Act of 1933 (the "Old Notes"). The Exchange Offer, which was originally scheduled to expire at 5:00 p.m. New York City time on May 3, 2004, will now expire at 5:00 p.m. New York City time on May 10, 2004, unless further extended.
As of 5:00 p.m. New York City time on May 3, 2004, approximately $194,750,000 aggregate principal amount of the Old Notes had been tendered for exchange, representing more than 97% of the total outstanding principal amount of the Old Notes.
This announcement is not an offer to exchange, or the solicitation of an offer to exchange, with respect to the Old Notes. The Exchange Offer is being made solely by a prospectus dated April 1, 2004, and the Exchange Offer, as extended hereby, remains subject to the terms and conditions stated therein.
Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, fluid management, automotive, and general industrial and other markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, and forged components used in jet aircraft engines and industrial gas turbines.
Information included within this press release describing the projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, fluid management, pulp and paper, and other general industrial cycles; the relative success of the Company's entry into new markets; competitive pricing; the financial viability of the Company's significant customers; the availability and cost of energy, materials, supplies, insurance, and pension benefits; equipment failures; relations with the Company's employees; the Company's ability to manage its operating costs and to integrate acquired businesses in an effective manner; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; and implementation of new technologies and process improvement. Any forward-looking statements should be considered in light of these factors. The Company undertakes no obligation to publicly release any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.
Precision Castparts Corp.'s press releases are available on the Internet at the PrimeZone Media Network's website -- http://www.PrimeZone.com or PCC's home page at http://www.precast.com.