PARSIPPANY, N.J., Dec. 18, 2017 /PRNewswire/ -- Standard Industries Inc. ("Standard" or the "Company") today announced the results of its previously announced tender offer to purchase for cash (the "Tender Offer") any and all of its 51/8% Senior Notes due 2021 (the "Notes"). The Tender Offer expired at 5:00 p.m., New York City time, on December 15, 2017 (the "Expiration Time"). As of the Expiration Time, valid tenders had been received with respect to $317,519,000 of the $500 million aggregate principal amount of the Notes outstanding, which excludes $3,775,000 aggregate principal amount of the Notes that remain subject to guaranteed delivery procedures.
The Company has accepted for payment all Notes validly tendered prior to the Expiration Time pursuant to the Tender Offer. On December 18, 2017, such tendering holders will receive the purchase price in the amount of $1,030.88 for each $1,000 principal amount of Notes tendered, plus accrued and unpaid interest to, but not including, the payment date. In addition, the Company will accept any additional Notes properly tendered by means of the guaranteed delivery procedures provided.
The Company also announced that it is calling for redemption all of the Notes, such redemption to occur on January 17, 2018 (the "Redemption Date") to the extent not tendered and accepted pursuant to the Tender Offer and to the extent outstanding on the Redemption Date. The notice of redemption was distributed to holders of the Notes on December 18, 2017. Neither the Offer to Purchase nor the accompanying Letter of Transmittal pursuant to which the Tender Offer was made constitutes a notice of redemption.
About Standard Industries Inc.
Standard Industries is a privately-held, global, diversified holding company with interests in building materials, aggregates, and related investment businesses in public equities and real estate. Founded in 1886, Standard Industries has over 15,000 employees and operations in more than 80 countries. Operating subsidiaries include: GAF, a leading North American roofing manufacturer; BMI, formed from the combination of Braas Monier and Icopal, a leading roofing and waterproofing company in Europe with significant presence in Asia and Africa; SGI, a leading North American aggregates and mining company supplying specialized products to the North American building materials industry; and Siplast, a provider of high-end modified bitumen membranes and liquid-applied roofing products.
Use of Forward-Looking Statements
This news release may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Standard disclaims any obligation to update or revise any forward-looking statements.
SOURCE Standard Industries Inc.