AIKEN, S.C. - (Business Wire) AGY Holding Corp. (
“AGY
” or the
“Company
”) announced today that it has received consents from noteholders representing in excess of a majority in principal amount of its outstanding 11% Senior Second Lien Notes due 2014 (the
“Notes
”). Following receipt of the consents described above, the Company and certain of its subsidiaries executed a supplemental indenture and amendments to the intercreditor agreement and consignment agreement providing for the amendments described in the Consent Solicitation Statement dated March 18, 2008 (the
“Consent Solicitation Statement
”) and the related consent letter. The amendments are operative with respect to all noteholders, including those noteholders who did not consent to the amendments.
The consent solicitation will expire at 5:00 p.m., New York City time, on March 28, 2008, unless extended (the “Expiration Date”). Noteholders that have validly delivered, and not properly revoked, a consent to the proposed amendments may no longer revoke such consent. According to Global Bondholder Services Corporation, the Information and Tabulation Agent, consents have been received with respect to a majority of the aggregate outstanding principal amount of the Notes.
Requests for documents should be directed to Global Bondholder Services Corporation at (866) 873-6300 or (212) 430-3774. UBS Securities LLC is serving as Solicitation Agent for the consent solicitation. Questions concerning the terms of the consent solicitation should be directed to UBS Securities LLC, Liability Management Group at (888) 719-4210 or (203) 719-4210.
This announcement is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation is being made solely pursuant to the Consent Solicitation Statement and the related consent letter.
AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. AGY serves a diverse range of markets including aerospace and defense, electronics, construction and industrial. Headquartered in Aiken, South Carolina, AGY has a European office in Lyon, France and manufacturing facilities in the U.S. in Aiken, South Carolina and Huntingdon, Pennsylvania. Additional information may be found at the Company's website, www.agy.com or by email at info@agy.com.
Certain statements contained in this release are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these risks and uncertainties are general economic and business conditions; our substantial debt and ability to generate cash flows to service our debt; our compliance with the financial covenants contained in our various debt agreements; our ability to obtain the amendment to the consignment agreement regarding the level of consignment reserves and the standby letter of credit collateral required thereunder; changes in market conditions or product demand (including whether or not we are awarded certain new defense contracts that we have sought to obtain); the level of cost reduction achieved through restructuring and capital expenditure programs; changes in raw material costs and availability; downward selling price movements; currency and interest rate fluctuations; increases in our leverage; our ability to effectively integrate acquisitions; changes in our business strategy or development plans; the timing and cost of plant closures; the success of new technology; and increases in the cost of compliance with laws and regulations. Factors that could cause actual results to differ materially from these forward-looking statements include but are not limited to those risk factors listed from time to time in the reports that we furnish to our indenture trustee and holders of the Notes. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
AGY Holding Corp.
Wayne T. Byrne, 803-643-1257
wayne.byrne@agy.com
