CHARLOTTE, N.C., July 16, 2007 (PRIME NEWSWIRE) -- Polypore International, Inc. ("Polypore") (NYSE:PPO) today announced that it successfully completed its tender offer for a portion of its 10-1/2% Senior Discount Notes due 2012 (the "Notes"), which expired on July 13, 2007 at 5:00 p.m., New York City time (the "Expiration Time"). The tender offer was made pursuant to an Offer to Purchase and Consent Solicitation statement dated June 15, 2007 (the "Offer to Purchase"). As of the Expiration Time, $299,480,000 aggregate principal amount at maturity of Notes were tendered, representing approximately 99.83% of the aggregate principal amount at maturity outstanding.
The settlement date for Notes tendered in the tender offer on or prior to the Expiration Time is expected to be today, July 16, 2007. The Company will pay $293,215,824 in the aggregate (including consent payments) to purchase the Notes tendered in the tender offer, $289,215,824 of which the Company paid on July 3, 2007 to holders who tendered prior to a June 28, 2007 consent deadline.
This press release is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell securities with respect to the Notes. The tender offer was made only pursuant to the terms of the Offer to Purchase and related documents.
The complete terms and conditions of the tender offer is set forth in the Offer to Purchase that has been sent to holders of the Notes. Copies of the Offer to Purchase and related documents may be obtained from the Information Agent for the tender offer, Global Bondholder Services Corporation, at (212) 430-3774 and (866) 807-2200 (toll-free).
J.P. Morgan Securities Inc. acted as the Dealer Manager and Solicitation Agent for the tender offer and consent solicitation. Questions regarding the tender offer and the consent solicitation may be directed to J.P. Morgan Securities Inc. at (212) 270-1477 (call collect).
About Polypore International, Inc.
Polypore International, Inc. is a global high technology filtration company specializing in microporous membranes. Polypore International, Inc.'s flat sheet and hollow fiber membranes are used in specialized applications that require the removal or separation of various materials from liquids, primarily in the ultrafiltration and microfiltration markets. Based in Charlotte, NC, Polypore International, Inc. is a global leader with manufacturing facilities or sales offices in nine countries serving six continents.
The Polypore International, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3881
Forward-Looking Statement
This release contains statements that are forward-looking in nature. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. These factors include the following: the highly competitive nature of the markets in which we sell our products; the failure to continue to develop innovative products; the loss of our customers; the vertical integration by our customers of the production of our products into their own manufacturing process; increases in prices for raw materials or the loss of key supplier contracts; our substantial indebtedness; interest rate risk related to our variable rate indebtedness; our inability to generate cash; restrictions related to the senior secured credit facilities; employee slowdowns, strikes or similar actions; product liability claims exposure; risks in connection with our operations outside the United States; the incurrence of substantial costs to comply with, or as a result of violations of, or liabilities under, environmental laws; the failure to protect our intellectual property; the failure to replace lost senior management; the incurrence of additional debt, contingent liabilities and expenses in connection with future acquisitions; the adverse impact on our financial condition from past restructuring activities; the failure to effectively integrate newly acquired operations; the absence of expected returns from the amount of intangible assets we have recorded; and natural disasters, epidemics, terrorist acts and other events beyond our control. Additional information concerning these and other important factors can be found in Polypore's filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. Polypore expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Polypore's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.