Gundle/SLT Environmental, Inc. Announces Completion of Tender Offer for Senior Notes due 2012 and Redemption of All Remaining Outstanding Notes

HOUSTON, June 10, 2011 /PRNewswire/ -- Gundle/SLT Environmental, Inc. (the "Issuer") today announced the completion of its previously announced tender offer with respect to any and all of its outstanding $150,000,000 aggregate principal amount of 11% Senior Notes due 2012 (the "Notes").  The tender offer expired at 5:00 p.m., New York City time, on June 10, 2011 (the "Expiration Date").

As previously announced, the Issuer received tenders from holders of $132,358,000 aggregate principal amount of Notes (representing approximately 88.24% of the outstanding aggregate principal amount of Notes) prior to the expiration of the consent payment deadline at 5:00 p.m., New York City time, on May 25, 2011 (the "Consent Date").  On May 27, 2011, the Issuer accepted for purchase the Notes that had been validly tendered (and not validly withdrawn) on or prior to the Consent Date.  No additional Notes were tendered between the time of the Consent Date and the Expiration Date.

The Issuer also announced today that it has called for redemption and will redeem for cash on July 11, 2011 (the "Redemption Date") all Notes that remain outstanding after completion of the tender offer at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest up to, but not including, the Redemption Date (the "Redemption Price"). As of June 10, 2011, after giving effect to all of the Notes purchased in the tender offer, $17,642,000 aggregate principal amount of the Notes remained outstanding.

On the Redemption Date, the Redemption Price shall become due and payable on each of the Notes, and on and after the Redemption Date the Notes shall cease to bear interest. Payment of the Redemption Price will be made on or promptly after the Redemption Date.

A Notice of Redemption, which more fully describes the terms and conditions of the redemption, has been sent to all holders.

Jefferies & Company, Inc. acted as the dealer manager and solicitation agent and D.F. King & Co., Inc. acted as the information agent and tender agent for the tender offer and consent solicitation.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities.

About Gundle/SLT Environmental, Inc.

Gundle/SLT Environmental, Inc. is the world leader in providing geosynthetic lining solutions, products and services to satisfy the needs of domestic and international, municipal and private companies engaged in the waste management, mining, water and wastewater treatment, aquaculture and other industrial activities.

Safe Harbor Statement

Some of the statements in this news release constitute "forward-looking statements" that do not directly or exclusively relate to historical facts. The forward-looking statements made in this release reflect the Issuer's intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, including known and unknown risks. Because actual results could differ materially from the Issuer's intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this news release with caution. The Issuer does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Gundle/SLT Environmental, Inc.