DALLAS, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) announced today the results to date of the previously announced cash tender offer and consent solicitation (the "Offer") for its outstanding 7 1/4% Senior Notes due 2013 (CUSIP Nos. 882491AK9 and 882491AN3) (the "Notes"). As of 5:00 p.m., New York City time, on August 9, 2010 (the "Consent Payment Deadline"), which was the deadline for holders to tender their Notes in order to receive the consent payment in connection with the Offer, tenders and consents had been received from holders of $536,546,000 in aggregate principal amount of the Notes, representing approximately 97.6% of the outstanding Notes.
Holders of Notes who delivered valid tenders by the Consent Payment Deadline will receive the total consideration as described in the Offer to Purchase and Consent Solicitation Statement dated July 27, 2010 (the "Offer to Purchase"). Holders who tender their Notes after the Consent Payment Deadline, but on or prior to the expiration date of the Offer, will receive the tender offer consideration, which will consist of the total consideration less the consent payment of $20.00 per $1,000 principal amount of Notes.
The Offer remains open and is scheduled to expire at 11:59 p.m., New York City time, on August 23, 2010, unless extended or earlier terminated. The Offer is subject to the satisfaction of certain remaining conditions including the consummation of new debt financings that are intended to raise proceeds in an aggregate amount sufficient to fund the tender and certain other customary conditions.
The complete terms and conditions of the Offer are described in the Offer to Purchase, copies of which may be obtained from D. F. King & Co., Inc., the information agent for the Offer, at (800) 578-5378 (U.S. toll-free) or, for bankers and brokers (212) 269-5550 BofA Merrill Lynch is the exclusive dealer manager and solicitation agent for the Offer. Additional information concerning the Offer may be obtained by contacting BofA Merrill Lynch, Debt Advisory Services, at (888) 292-0070 (U.S. toll-free) or (980) 388-9217 (collect).
This announcement is for information purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities. The Offer is being made solely by the Offer to Purchase and Consent Solicitation Statement dated July 27, 2010.
TXI is the largest producer of cement in Texas and a major cement producer in California. TXI is also a major supplier of construction aggregate, ready-mix concrete and concrete products.
The Texas Industries, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6602
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "plan," "anticipate," and other similar words. Such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of competitive pressures and changing economic and financial conditions on our business, the cyclical and seasonal nature of our business, the level of construction activity in our markets, abnormal periods of inclement weather, unexpected periods of equipment downtime, unexpected operational difficulties, changes in the cost of raw materials, fuel and energy, changes in cost or availability of transportation, changes in interest rates, the timing and amount of federal, state and local funding for infrastructure, delays in announced capacity expansions, ongoing volatility and uncertainty in the capital or credit markets, the impact of environmental laws, regulations and claims, changes in governmental and public policy, and the risks and uncertainties described in our reports on Forms 10-K, 10-Q and 8-K. Forward-looking statements speak only as of the date hereof, and we assume no obligation to publicly update such statements.