Albany International Announces Redemption of 2.25% Convertible Senior Notes

  Albany International Announces Redemption of 2.25% Convertible Senior Notes

Business Wire

ROCHESTER, N.H. -- January 25, 2013

Albany International Corp. (NYSE: AIN) today announced that it is exercising
its option to redeem all remaining outstanding 2.25% Convertible Senior Notes
due 2026 (the “Notes”), of which an aggregate of $28.437 million in principal
amount is outstanding. The redemption date will be March 15, 2013. The Notes
will be redeemed at a price of 100% of the principal amount thereof, plus
accrued and unpaid interest, including additional interest, if any, to the
redemption date. The amount of interest that will be payable with respect to
the Notes on the redemption date is $11.25 per $1,000 principal amount of the
Notes.

If the trustee for the Notes (acting as Paying Agent) holds money sufficient
to redeem on the redemption date all the Notes, then on and after the
redemption date (i) such Notes will cease to be outstanding, (ii) interest,
including additional interest, if any, will cease to accrue, and (iii) all
other rights of the holders of such Notes will terminate (whether or not
book-entry transfer of the Notes has been made or the Notes have been
delivered to the trustee) other than the right to receive the redemption price
upon delivery of the Notes.

Payment of the redemption price and surrender of the Notes for redemption will
be made through the facilities of and in accordance with the procedures of The
Depository Trust Company. Notes must be surrendered to the trustee for the
Notes (as Paying Agent) to collect the Redemption Price.

In lieu of redemption, Notes may be converted at any time before the close of
business on the second Business Day immediately prior to the Redemption Date
(i.e., 5:00 p.m., New York City time, on March 13, 2013). The current
conversion rate of the Notes is 23.2078 shares of the Company’s Class A Common
Stock per $1,000 principal amount of Notes. Any holder wishing to convert his
or her Notes must satisfy the requirements for conversion set forth in the
Notes and the indenture relating thereto. Notes surrendered for conversion
will be settled in cash (and, if applicable, shares) in accordance with the
provisions of the Notes and the indenture related thereto.

The trustee serves as the Paying Agent and Conversion Agent under the
indenture with respect to the Notes. The address of the Trustee is as follows:

First Class, Certified   
and Registered Mail:         The Bank of New York Mellon
                             Global Corporate Trust
                             P.O. Box 396
                             East Syracuse, NY 13057
                             
Express Delivery:            The Bank of New York Mellon
                             Global Corporate Trust
                             111 Sanders Creek Parkway
                             East Syracuse, NY 13057
                             
Hand Delivery:               The Bank of New York Mellon
                             Global Corporate Trust
                             Corporate Trust Window
                             101 Barclay Street, 1^st Floor East
                             New York, NY 10286
                             

About Albany International

Albany International is a global advanced textiles and materials processing
company, with two core businesses. Machine Clothing is the world’s leading
producer of custom-designed fabrics and belts essential to production in the
paper, nonwovens, and other process industries. Albany Engineered Composites
is a rapidly growing supplier of highly engineered composite parts for the
aerospace industry. Albany International is headquartered in Rochester, New
Hampshire, operates 18 plants in 11 countries, employs 4,300 people worldwide,
and is listed on the New York Stock Exchange (Symbol AIN). Additional
information about the Company and its products and services can be found at
www.albint.com.

Contact:

Investors:
Albany International Corp.
John Cozzolino, 518-445-2281
john.cozzolino@albint.com
or
Media:
Albany International Corp.
Susan Siegel, 603-330-5866
susan.siegel@albint.com
or
Kekst and Company for Albany International
Michael Herley, 212-521-4897
michael-herley@kekst.com
 
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