DOWNERS GROVE, Ill., April 19, 2007 (PRIME NEWSWIRE) -- Elgin National Industries, Inc. (the "Issuer"), a leading provider of industrial equipment, specialty fastener products, and engineering/construction services, announced today that it has initiated an offer to purchase its outstanding 11% Senior Notes due 2007 (CUSIP No. 286434AE5) (the "Notes") upon the terms and subject to the conditions set forth in the Change of Control Notice and Offer to Purchase dated April 18, 2007 ("Offer to Purchase"). The Offer to Purchase is being made in accordance with the change of control provisions of that certain Indenture pursuant to which the Notes were issued, dated as of November 5, 1997 (the "Indenture"). The Indenture, which was previously attached as an Exhibit to the Issuer's Form S-4 Registration Statement, filed with the Securities and Exchange Commission on December 31, 1997, is incorporated herein by reference.
The Offer to Purchase will expire at 5:00 p.m., New York City time, on June 15, 2007 (the "Expiration Date"), unless extended. Holders who validly tender their Notes prior to the Expiration Date and do not properly withdraw their Notes prior to the Withdrawal Date (as defined below), will be entitled to receive a total consideration of 101% of the principal amount of their Notes, plus accrued and unpaid interest to, but not including, the purchase date, which will be June 18, 2007 (the "Purchase Date"), unless extended. Tendered Notes may be validly withdrawn on or prior to the business day immediately preceding the Expiration Date (the "Withdrawal Date"). Notes that are outstanding following the Expiration Date will be redeemed by the Issuer, pursuant to the Notice of Redemption delivered by the Issuer on April 18, 2007, at 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the redemption date, which will be June 18, 2007.
The Issuer has retained Wells Fargo Bank, National Association to act as the Depositary in connection with the offer to purchase. Questions regarding the offer to purchase and requests for documents may be directed in writing to the Depositary at Wells Fargo Bank, National Association, Corporate Trust Operations, MAC N9303-121, Sixth and Marquette Avenue, Minneapolis, Minnesota 55479, by telephone at (800) 344-5128 or by facsimile at (612) 667-4927.
This press release is not an offer to purchase, nor solicitation of an offer to purchase, with respect to any Notes. Any such offer or solicitation will be made only by means of the Offer to Purchase.
About Elgin National Industries, Inc.
Elgin National Industries, Inc. ("Elgin") is an industry leader in the design and manufacture of industrial equipment, specialty fastener products, and engineering and construction services supporting a variety of industries including the coal and mineral processing, coal fired electric utility and oil and gas drilling industries. Elgin's products and services are used by companies worldwide. Elgin is based in Downers Grove, Illinois.