Keystone Automotive Operations, Inc. Announces Closing of Exchange Offer for Its Senior Subordinated Notes

Mar 29, 2011, 09:00 ET from Keystone Automotive Operations, Inc.

EXETER, Pa., March 29, 2011 /PRNewswire/ -- Keystone Automotive Operations, Inc. along with its subsidiaries and affiliates ("Keystone" or the "Company") announced today that it closed on March 28, 2011 its previously announced exchange offer and consent solicitation (the "Offer"), whereby it has exchanged approximately $172.7 million aggregate principal amount of its 9 3/4% Senior Subordinated Notes due 2013 (CUSIP No. 49338PABO) (the "Senior Subordinated Notes") for an estimated 22% of the new common stock of Keystone's holding company (the "New Common Stock") and the ability to purchase each noteholder's pro rata share of New Common Stock pursuant to a rights offering, upon the terms and subject to the conditions set forth in the Offering Memorandum and Disclosure Statement, dated February 15, 2011 and the related letter of transmittal and consent, including any amendments or supplements thereto.

Kirkland & Ellis LLP acted as legal advisor to the Company.  Miller Buckfire & Co. acted as investment banker for the Company.  FTI Consulting, Inc. acted as financial advisor to the Company.   The Garden City Group, Inc. acted as exchange agent and information agent for the Exchange Offer.  

Willkie Farr & Gallagher LLP acted as legal advisor to the ad hoc committee of the majority holders of the Senior Subordinated Notes.  Latham and Watkins LLP acted as legal advisor to the agent of the Company's new term loan credit facility.  Bingham McCutchen LLP acted as legal advisor to the agent of the Company's new revolving credit facility.

This press release is neither an offer to sell nor the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Keystone Automotive

Keystone Automotive Operations, Inc. and its affiliates are wholesale distributors and retailers of aftermarket automotive accessories and equipment, with operations servicing customers in all regions of the United States and provinces of Canada, as well as various other international locations.  The Company's fleet of over 300 trucks provide multi-day per week delivery and returns covering the 48 contiguous states and nine provinces of Canada.  The Company sells and distributes specialty automotive products, such as light truck/SUV accessories, car accessories and trim items, specialty wheels, tires and suspension parts, and high performance products to a fragmented base of approximately 15,000 customers.  The Company's wholesale operations include an electronic service strategy providing customers the ability to view inventory and place orders via its proprietary electronic catalog.  The Company also operates 20 retail stores in Pennsylvania.  The Company's corporate headquarters is in Exeter, Pennsylvania.

Forward-Looking Statements

Statements in this release that are not purely historical facts, including statements about forecasted financial projections or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Readers are cautioned not to place undue reliance on forward-looking statements.  All forward-looking statements are based upon information available to the Company on the date this press release was submitted.  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements.

SOURCE Keystone Automotive Operations, Inc.