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Georgia Gulf Corporation Has Received the Requisite Consents Pursuant to its
Tender Offer and Consent Solicitation for its 10 3/8% Senior Subordinated Notes
ATLANTA, Nov. 17 /PRNewswire-FirstCall/ -- Georgia Gulf Corporation (GGC)
announced today that it has received tenders and related consents from holders
of its 10 3/8% Senior Subordinated Notes due 2007 (the "Notes") sufficient to
amend the Indenture governing such Notes. On November 3, 2003, Georgia Gulf
commenced a tender offer and consent solicitation in connection with the $200
million outstanding principal amount of the Notes. The consent date relating to
the consent solicitation expired today (Monday, November 17, 2003) at 5:00 P.M.,
New York City time. On or prior to the consent date, holders of approximately
66% of the outstanding principal amount of the Notes had tendered their Notes
and consented to the proposed amendments to the Indenture governing the Notes
and related documents.
As a result, Georgia Gulf has executed a supplemental indenture relating to the
Notes that effectuates the proposed amendments described in the Offer to
Purchase and Consent Solicitation Statement. These amendments will not become
operative, however, unless and until the Notes tendered are accepted for payment
pursuant to the terms of the tender offer. When the amendments become
operative, they will be binding on the holders of Notes not tendered for
purchase in the tender offer.
Under the terms of the tender offer, holders must have tendered their Notes and
delivered the related consents on or prior to the consent date in order to
receive the consent payment of $20.00 in addition to the purchase price of
$1,033.13 per $1,000 principal amount of Notes, assuming the Notes are accepted
in the tender offer. Holders that tender their Notes after the consent date has
expired (but prior to the expiration of the tender offer) will receive the
purchase price of $1,033.13 per $1,000 principal amount validly tendered and not
withdrawn that are accepted but will not be eligible to receive the consent
payment. The tender offer for the Notes (without the associated consent
payment) is scheduled to expire at 12:00 midnight, New York City time, on
Tuesday, December 2, 2003, unless extended or earlier terminated.
The tender offer and consent solicitation are being made pursuant to an Offer to
Purchase and Consent Solicitation Statement dated November 3, 2003, and related
Letter of Transmittal and Consent, which more fully set forth the terms and
conditions of the tender offer and consent solicitation.
J.P. Morgan Securities Inc. and Banc of America Securities LLC are acting as the
Dealer Managers and Solicitation Agents for the tender offer and consent
solicitation. SunTrust Bank is acting as the Depositary and Trustee in the
tender offer and consent solicitation. D. F. King & Co., Inc. is acting as the
Information Agent in the tender offer and consent solicitation.
This announcement is not an offer to purchase, a solicitation of an offer to
purchase, or a solicitation of consents. The tender offer and consent
solicitation are made solely by means of the Offer to Purchase and Consent
Solicitation Statement.
Georgia Gulf, headquartered in Atlanta, is a major manufacturer and marketer of
two integrated product lines, chlorovinyls and aromatics. Georgia Gulf's
chlorovinyl products include chlorine, caustic soda, vinyl chloride monomer and
vinyl resins and compounds. Georgia Gulf's primary aromatic products include
cumene, phenol and acetone.
This news release contains forward-looking statements subject to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's assumptions regarding
business conditions, and actual results may be materially different. Risks and
uncertainties inherent in these assumptions include, but are not limited to,
future global economic conditions, economic conditions in the industries to
which the company sells, industry production capacity, raw material and energy
costs and other factors discussed in the Securities and Exchange Commission
filings of Georgia Gulf Corporation, including our annual report on Form 10-K
for the year ended December 31, 2002 and our subsequent reports on Form 10-Q.
Contact: Jim Matthews
Vice President, Treasurer
770-395-4577
DATASOURCE: Georgia Gulf Corporation
CONTACT: Jim Matthews, Vice President, Treasurer of Georgia Gulf
Corporation, +1-770-395-4577