Jacuzzi (NYSE:JJZ)
Historical Stock Chart
From Jun 2019 to Jun 2024
Offer Price is 100% of Principal Amount Plus Accrued and Unpaid
Interest, As Required by the Indenture Governing the Securities
Jacuzzi Brands, Inc. ("Jacuzzi") today announced that it has
commenced an "asset disposition offer" for the purchase of an
aggregate of up to $47,690,000 aggregate principal amount of its 9
5/8% Senior Secured Notes Due 2010 (the "Securities") at a purchase
price of $1,000 per $1,000 principal amount of the Securities, plus
accrued and unpaid interest to the date of payment. The offer will
expire at 12:01 a.m., New York City time, on May 22, 2006, unless
extended.
On June 30, 2005, the Company completed the sale of its investment
in Rexair, Inc. to Rhone Capital LLC. On July 1, 2005, the Company
completed the sale of substantially all of the assets of Eljer
Plumbingware, Inc. to affiliates of Sun Capital Partners, Inc. The
Indenture governing the Securities requires Jacuzzi to reinvest the
net proceeds from asset sales in assets useful to its business within
one year of the closing, or use such proceeds to repay debt senior to
the Securities. To the extent that Jacuzzi does not so apply the
proceeds, it must make an asset disposition offer to purchase the
Securities. Jacuzzi has applied approximately $98.8 million of the
asset sale proceeds to retire its term loan and repay the balance of
its asset-based credit facility. The Company has determined to launch
the offer at this time with the remaining proceeds, net of certain
expenses and payments incurred in connection with the dispositions, as
provided in the Indenture.
This press release is neither an offer to purchase nor a
solicitation of an offer to sell the Securities. The offer is being
made only by the Offer to Purchase dated April 11, 2006. Persons with
questions regarding the offer should contact Diana Burton, Vice
President-Investor Relations, by telephone at (561) 514-3850.
About Jacuzzi Brands
Jacuzzi Brands, Inc. through its subsidiaries, is a global
manufacturer and distributor of branded bath and plumbing products for
the residential, commercial and institutional markets. These include
whirlpool baths, spas, showers, sanitary ware and bathtubs, as well as
professional grade drainage, water control, commercial faucets and
other plumbing products. Its products are marketed under its portfolio
of brand names, including JACUZZI(R), SUNDANCE(R), ZURN(R), and
ASTRACAST(R). Learn more at www.jacuzzibrands.com.
Business Risks
The statements contained in this press release and Jacuzzi's other
oral and written statements that are not historical in nature are
forward-looking statements that involve risks and uncertainties.
Although management of Jacuzzi believes that its expectations are
based upon reasonable assumptions within the bounds of its knowledge
of Jacuzzi's business, there can be no assurance that they in fact
will be realized. Numerous factors may affect Jacuzzi's actual results
and may cause results to differ materially from those expressed in
forward-looking statements made by or on behalf of Jacuzzi including
such factors listed from time to time in Jacuzzi's reports filed with
the Securities and Exchange Commission including the factors described
in Jacuzzi's 2005 Annual Report on Form 10-K under the heading
"Disclosure Concerning Forward-Looking Statements and Factors That May
Affect Future Results." Jacuzzi does not undertake any obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.