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Worthington Industries Commences Tender Offer
06/02/2009 - Worthington Industries announces a cash tender offer for the $138.0 million outstanding principal amount of its 6.70% Notes due December 1, 2009.
Worthington Industries, Inc. has commenced a cash tender offer for any and all of the $138.0 million outstanding principal amount of its 6.70% Notes due December 1, 2009.
The consideration payable for the Notes will be $1,025 per $1,000 principal amount of Notes, plus accrued and unpaid interest to the payment date for Notes purchased in the Tender Offer. The Tender Offer will expire Monday, June 8, 2009, unless extended or earlier terminated by the company.
The company said it would fund the tender offer by a combination of cash on hand and borrowings under existing credit facilities.
Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is a value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington employs approximately 7000 people and operates 60 manufacturing facilities in 10 countries.
Founded in 1955, the company operates under a long-standing corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy, an unwavering commitment to the customer, and one of the strongest employee/employer partnerships in American industry serve as the company’s foundation.
