Edgen Completes Sale of $540 Million of its 8 ¾% Senior Secured Notes due
2020 and Repurchases 12 ¼% Senior Secured Notes due 2015 Tendered Pursuant
to Previously Announced Tender Offer
BATON ROUGE, La. -- October 16, 2012
Edgen Group Inc. (“Edgen”) (NYSE: EDG) today announced that Edgen Murray
Corporation (“EMC”) has completed its previously announced offering of $540
million aggregate principal amount of its 8 ¾% Senior Secured Notes due 2020
(the “Notes”). Edgen will use the net proceeds of this offering to repay or
retire all of EMC’s outstanding 12 ¼% senior secured notes due 2015. EMC is an
indirect subsidiary of Edgen. Any remaining net proceeds would be used for
general corporate purposes.
Edgen also announced today that EMC has repurchased all notes validly
tendered, and not validly withdrawn, on or prior to the consent deadline, of
5:00 p.m., New York City time, on October 15, 2012, with respect to its
previously announced cash tender offer and consent solicitation for any and
all of its $465,000,000 aggregate principal amount outstanding of 12 ¼% Senior
Secured Notes due 2015 (the “Old Notes”) and issued a notice of redemption for
the remaining $26,692,000 outstanding principal amount of the Old Notes. On
October 19, 2012, EMC will redeem the remaining principal amount outstanding
of the Old Notes at a redemption price equal to 100.00% of the aggregate
principal amount of the Old Notes to be redeemed plus the “Applicable Premium”
(as defined in the indenture governing the Old Notes) as of, and accrued and
unpaid interest to, if any, the redemption date.
This announcement does not constitute an offer to sell or a solicitation of an
offer to buy any of the Notes, nor shall there be any offer, solicitation or
sale in any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful. The Notes have not been registered under the Securities Act
of 1933, as amended, or any state securities laws and may not be offered or
sold in the United States absent registration or an applicable exemption from
such registration requirements.
Edgen is a leading global distributor of specialized products and services to
the energy and industrial infrastructure markets, including steel pipe,
valves, quenched and tempered and high yield heavy plate and related
components. Edgen is headquartered in Baton Rouge, Louisiana.
Forward-Looking Statement Disclaimer
This announcement contains forward-looking statements within the meaning of
federal securities laws. All statements other than statements of historical
fact are considered forward-looking statements including, without limitation,
statements regarding the expected use of proceeds from the offering. These
forward-looking statements involve a number of risks, uncertainties,
assumptions and other factors that could affect future results and cause
actual results and events to differ materially from historical and expected
results and those expressed or implied in the forward-looking statements. Our
historical financial information, and the risks and other important factors
that could affect the outcome of the events set forth in these statements and
that could affect our operating results and financial condition, are contained
in our filings with the Securities and Exchange Commission (“SEC”), including
our prospectus filed with the SEC on April 27, 2012 and in our subsequent
filings with the SEC made prior to or after the date hereof. We undertake no
obligation to review or update any forward-looking statements to reflect
events or circumstances occurring after the date of this press release.
Readers are urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue reliance on
such forward-looking statements.
Edgen Group Inc.
Erika Fortenberry, 225-756-9868
Director of Investor Relations
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