Standard Commercial (NYSE:STW)
Historical Stock Chart
From May 2019 to May 2024
Standard Announces Extension of Tender Offer for 8% Senior Notes
Due 2012, Series B
WILSON, N.C., May 3 /PRNewswire-FirstCall/ -- Standard Commercial Corporation
(NYSE:STW) announced today that, as part of its previously announced cash
tender offer to purchase any and all of its outstanding $150.0 million
aggregate principal amount of 8% Senior Notes due 2012, Series B (CUSIP
#853258AF8) (the "Notes"), and solicitation of consents to proposed amendments
to the indenture governing the Notes, it is extending the expiration date of
the tender offer. The tender offer, which was to have expired at 5:00 p.m.,
New York City time, on May 5, 2005, will be extended to 5:00 p.m., New York
City time, on May 6, 2005 (the "Expiration Time"), unless further extended by
Standard. As a result of the extension of the Expiration Time and in
accordance with the terms of the Offer to Purchase for Cash and Consent
Solicitation Statement, the Price Determination Date, which was to be 10 a.m.,
New York City time, on May 3, 2005, will be extended to 10 a.m., New York City
time, on May 4, 2005.
As of 5:00 p.m. on May 2, 2005, Standard had received tenders and consents for
approximately $143.7 million in aggregate principal amount of the Notes,
representing approximately 95.8% of the outstanding aggregate principal amount
of the Notes. The percentage of consents received for the Notes exceeds the
requisite consents needed to amend the indenture governing the Notes.
Notwithstanding Standard's receipt of the requisite consents, holders of the
Notes that tender their Notes after the consent payment deadline, while not
entitled to a consent payment, may not tender their Notes without delivering
their consents.
The tender offer and the consent solicitation have been undertaken as a part of
the proposed merger of Standard with and into DIMON Incorporated. The tender
offer is subject to the satisfaction of certain conditions, including DIMON
having entered into arrangements satisfactory to it with respect to financing
necessary to complete the tender offer, the consent solicitation and the merger
between DIMON and Standard, the simultaneous closing of the merger and other
customary conditions.
This announcement is for informational purposes only and is not an offer to
purchase, a solicitation of an offer to purchase or a solicitation of consents
with respect to any securities. The tender offer is being made solely pursuant
to the terms of the Offer to Purchase for Cash and Consent Solicitation
Statement, dated March 8, 2005, and the related Letter of Transmittal and
Consent (as they may be amended from time to time), and those documents should
be consulted for additional information regarding delivery procedures and the
terms and conditions of the tender offer.
Standard Commercial Corporation is the world's third largest independent leaf
tobacco merchant, with operations in more than 30 countries. For more
information on Standard, visit Standard's website at http://www.sccgroup.com/ .
Readers of this news release should note that comments contained herein that
are not purely statements of historical fact may be deemed to be forward-
looking. Any such forward-looking statement is based upon management's current
knowledge and assumptions about future events. Standard's actual results could
vary materially from those expected due to many factors, many of which Standard
cannot control. These include changes in the markets for financing necessary
to consummate the merger, failure of either DIMON or Standard to satisfy
conditions to the merger provided in the merger agreement, changes in demand
for and supply of leaf tobacco and wool, weather and shipping schedules,
changes in general economic conditions, political and terrorist risks and
changes in government regulations. Additional information on factors that may
affect management's expectations or Standard's financial results can be found
in Standard's filings with the Securities and Exchange Commission, which are
available at the SEC's Internet site ( http://www.sec.gov/ ).
Interested parties may obtain a free copy of the joint proxy
statement/prospectus related to the proposed merger, as well as other filings
containing information about DIMON and Standard, without charge at the SEC's
Internet site ( http://www.sec.gov/ ). Copies of the joint proxy
statement/prospectus and the filings with the SEC that are incorporated by
reference in the proxy statement/prospectus can also be obtained, without
charge, by directing a request to Standard Commercial Corporation, 2201 Miller
Road, P.O. Box 450, Wilson, North Carolina 27894-0450, Attention: Investor
Relations, (252) 291 5507.
DATASOURCE: Standard Commercial Corporation
CONTACT: Timothy S. Price of Standard Commercial Corporation,
+1-252-291-5507
Web site: http://www.sccgroup.com/