EX-99.1
8
a05-2809_1ex99d1.htm
EX-99.1
Exhibit 99.1
Contact:
Eva Schmitz Douglas
Phone:
(812)
962-5011
Cell:
(812)
431-7177
FOR
IMMEDIATE RELEASE
Accuride Corporation Completes Acquisition of
Transportation Technologies Industries, Inc. and $950 Million in Related
Refinancing Transactions
Combined Company Expects to
Become One of the Predominant Suppliers
to the Heavy/Medium Commercial Vehicle
Industry
EVANSVILLE,
Ind. - January 31, 2005 -
Accuride Corporation, North America's
largest manufacturer and supplier of wheels for heavy/medium trucks and
commercial trailers, today announced that it has completed its acquisition of
Transportation Technologies Industries, Inc. (TTI), one of the largest North
American manufacturers of truck components for the heavy and medium-duty
trucking industry. The common stock of
Accuride is privately held with Kohlberg Kravis Roberts & Co. (KKR) being
the majority shareholder.
The
combined company will offer the trucking industry a one-stop component sourcing
solution and expects to become one of the largest suppliers to the heavy/medium
commercial vehicle industry.
Terry
Keating, Accuride's current President and Chief Executive Officer (CEO), will
serve as President and CEO of the combined company, which is headquartered in
Evansville, Indiana.
Accuride
also announced the completion of the amendment and restatement of its senior
secured bank credit agreement. As part
of the amendment, the company refinanced substantially all of its existing bank
facilities. Citigroup Global Markets
Inc. and Lehman Brothers Inc. jointly arranged for the new five-year $125
million revolving credit facility and the new seven-year $550 million term loan
facility. UBS Securities LLC was the
documentation agent.
-more-
In
addition, Accuride announced today that it has successfully completed the sale
of $275 million in aggregate principal amount of its 8 1/2% Senior Subordinated
Notes due 2015 in a private placement transaction lead by Lehman Brothers,
Inc., Citigroup Global Markets, Inc. and UBS Securities LLC.
Accuride
used the net proceeds of the offering, together with proceeds of approximately
$550 million from the new senior credit facilities, and cash on hand, to (i)
repay substantially all existing senior secured indebtedness of Accuride and
TTI, including accrued interest and redemption premiums, (ii) discharge all of
Accuride's outstanding 9 1/4% senior subordinated notes due 2008, including
accrued interest and a redemption premium, (iii) discharge all of TTI's
outstanding 12 1/2% senior subordinated notes due 2010, including accrued
interest and a redemption premium and (iv) the payment of fees and expenses
related to the issuance of the new notes, the redemption and discharge of
Accuride's and TTI's senior subordinated notes and premiums associated with the
repayment of each of Accuride's and TTI's existing credit facilities.
Accuride Corporation
is one of the largest and most diversified manufacturers and suppliers
of commercial vehicle components in North America. Accuride's products include commercial vehicle
wheels, wheel-end components and assemblies, truck body and chassis parts,
seating assemblies and other commercial vehicle components. Accuride's products are marketed under its
brand names, which include Accuride, Gunite, Brillion, Imperial, Bostrom, and
Fabco. For more information, visit
Accuride's website at http://www.accuridecorp.com.
Kohlberg,
Kravis Roberts & Co
.
is one of world's oldest and most experienced private equity firms specializing
in management buyouts, with offices in New York, Menlo Park, California, and
London, England. For more information,
visit http:///www.kkr.com.
Statements contained in this news release that are not
purely historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including statements
regarding the Company's expectations, hopes, beliefs and intentions on
strategies regarding the future and statements related to the effect of the TTI
acquisition on Accuride's future results.
It is important to note that the Company's actual future results could
differ materially from those projected in such forward-looking statements
because of a number of factors, including but not limited to, the ability to
successfully integrate the above described acquisition, market demand in the
commercial vehicle industry, general economic, business and financing
conditions, labor relations, governmental action, competitor pricing activity,
expense volatility and other risks detailed from time to time in the Company's
Securities and Exchange Commission filings.
Accuride assumes no obligation to update the information included in
this release.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy the new notes. The new
notes have not been registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and unless so registered, may not be offered
or sold in the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable state securities
laws.
# # #

EX - 99 . 1 8 a05 - 2809 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 Contact : Eva Schmitz Douglas Phone : ( 812 ) 962 - 5011 Cell : ( 812 ) 431 - 7177 FOR IMMEDIATE RELEASE Accuride Corporation Completes Acquisition of Transportation Technologies Industries , Inc . and $ 950 Million in Related Refinancing Transactions Combined Company Expects to Become One of the Predominant Suppliers to the Heavy / Medium Commercial Vehicle Industry EVANSVILLE , Ind . - January 31 , 2005 - Accuride Corporation , North America 's largest manufacturer and supplier of wheels for heavy / medium trucks and commercial trailers , today announced that it has completed its acquisition of Transportation Technologies Industries , Inc . ( TTI ) , one of the largest North American manufacturers of truck components for the heavy and medium - duty trucking industry . The common stock of Accuride is privately held with Kohlberg Kravis Roberts & Co . ( KKR ) being the majority shareholder . The combined company will offer the trucking industry a one - stop component sourcing solution and expects to become one of the largest suppliers to the heavy / medium commercial vehicle industry . Terry Keating , Accuride 's current President and Chief Executive Officer ( CEO ) , will serve as President and CEO of the combined company , which is headquartered in Evansville , Indiana . Accuride also announced the completion of the amendment and restatement of its senior secured bank credit agreement . As part of the amendment , the company refinanced substantially all of its existing bank facilities . Citigroup Global Markets Inc . and Lehman Brothers Inc . jointly arranged for the new five - year $ 125 million revolving credit facility and the new seven - year $ 550 million term loan facility . UBS Securities LLC was the documentation agent . - more - In addition , Accuride announced today that it has successfully completed the sale of $ 275 million in aggregate principal amount of its 8 1/2% Senior Subordinated Notes due 2015 in a private placement transaction lead by Lehman Brothers , Inc . , Citigroup Global Markets , Inc . and UBS Securities LLC . Accuride used the net proceeds of the offering , together with proceeds of approximately $ 550 million from the new senior credit facilities , and cash on hand , to ( i ) repay substantially all existing senior secured indebtedness of Accuride and TTI , including accrued interest and redemption premiums , ( ii ) discharge all of Accuride 's outstanding 9 1/4% senior subordinated notes due 2008 , including accrued interest and a redemption premium , ( iii ) discharge all of TTI 's outstanding 12 1/2% senior subordinated notes due 2010 , including accrued interest and a redemption premium and ( iv ) the payment of fees and expenses related to the issuance of the new notes , the redemption and discharge of Accuride 's and TTI 's senior subordinated notes and premiums associated with the repayment of each of Accuride 's and TTI 's existing credit facilities . Accuride Corporation is one of the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America . Accuride 's products include commercial vehicle wheels , wheel - end components and assemblies , truck body and chassis parts , seating assemblies and other commercial vehicle components . Accuride 's products are marketed under its brand names , which include Accuride , Gunite , Brillion , Imperial , Bostrom , and Fabco . For more information , visit Accuride 's website at http://www.accuridecorp.com . Kohlberg , Kravis Roberts & Co . is one of world 's oldest and most experienced private equity firms specializing in management buyouts , with offices in New York , Menlo Park , California , and London , England . For more information , visit http : / / / www.kkr.com . Statements contained in this news release that are not purely historical are forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , including statements regarding the Company 's expectations , hopes , beliefs and intentions on strategies regarding the future and statements related to the effect of the TTI acquisition on Accuride 's future results . It is important to note that the Company 's actual future results could differ materially from those projected in such forward - looking statements because of a number of factors , including but not limited to , the ability to successfully integrate the above described acquisition , market demand in the commercial vehicle industry , general economic , business and financing conditions , labor relations , governmental action , competitor pricing activity , expense volatility and other risks detailed from time to time in the Company 's Securities and Exchange Commission filings . Accuride assumes no obligation to update the information included in this release . This press release shall not constitute an offer to sell or the solicitation of an offer to buy the new notes . The new notes have not been registered under the Securities Act of 1933 , as amended , or applicable state securities laws , and unless so registered , may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws . # # #