KEMET Corporation Announces Secondary Offering by Selling Securityholder

Dec 07, 2010, 06:15 ET from KEMET Corporation

GREENVILLE, S.C., Dec. 7, 2010 /PRNewswire-FirstCall/ -- KEMET Corporation (NYSE: KEM) (the "Company") today announced a proposed secondary offering of 8.7 million shares of its common stock. The shares to be offered are subject to issuance upon exercise of a currently outstanding and exercisable warrant (the "Warrant") held by the selling securityholder, K Equity, LLC ("K Equity"), an affiliate of Platinum Equity Capital Partners II, L.P., a portion of which will be sold to and exercised by the underwriters in connection with their sale of the underlying shares. The selling securityholder intends to grant the underwriters an option to purchase an additional portion of the Warrant representing an additional 1.3 million shares of underlying common stock of the Company to cover over-allotments, if any.  The Company will not receive any proceeds from the transaction. K Equity will retain the portion of the Warrant that is not exercised.

Deutsche Bank Securities, BofA Merrill Lynch and UBS Investment Bank are acting as joint book-running managers, and KeyBanc Capital Markets is acting as co-manager, for the proposed offering.

A registration statement relating to these shares of common stock has been filed with the Securities and Exchange Commission but has not yet become effective.  These shares of common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  The offering will be made only by means of the written prospectus and prospectus supplement that will form part of the effective registration statement.  A copy of the prospectus related to the offering may be obtained by contacting: Deutsche Bank Securities Inc., 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901 or by email at; BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, Attn: Prospectus Department or by email at; or UBS Investment Bank, 299 Park Avenue, New York, New York 10171, Attn: Prospectus Department, or by telephone at (888) 827-7275.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.


The Company's common stock is listed on the NYSE under the ticker symbol "KEM" (NYSE: KEM). KEMET applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world and offers the world's most complete line of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics.


This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements include but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes" and variations of such words or similar expressions that predict or indicate future events, or that do not relate to historical matters.  These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control.  There can be no assurance that our beliefs or expectations will be achieved.  Actual results may differ materially from our beliefs or expectations due to economic, business, competitive, market and regulatory factors.


William M. Lowe, Jr.

Executive Vice President and Chief Financial Officer


SOURCE KEMET Corporation