Wolverine Tube (WLVTE) 8-K Wolverine Tube, Inc. Announces Exchange Offer and Consent Solicitation

The following table sets forth certain unaudited summary consolidated balance sheet information of the Company as of January 31, 2009, on a preliminary basis and on an as adjusted basis to give effect to the consummation of the Exchange Offer.

	January 31, 2009 (in thousands) (unaudited)
	Preliminary			As Adjusted (1)
ASSETS
Cash and cash equivalents	$	41,902		$	14,905
Restricted cash (2)		35,842			21,720
Accounts receivable
NAFTA		33,300			33,300
Other		9,948			9,948
Total accounts receivable		43,248			43,248
Inventories
NAFTA		35,200			35,200
Other		18,339			18,339
Total inventories		53,539			53,539
Other current assets		9,201			9,201
Total current assets		183,732			142,613
Property, plant and equipment		48,749			48,749
Goodwill and intangibles		5,444			5,444
Other assets		9,603			11,859
Total assets	$	247,528		$	208,665
LIABILITIES AND SHAREHOLDERS’ EQUITY
Trade payables	$	40,138		$	28,452
Accrued liabilities		25,093			18,125
Short-term debt
10½% Senior Notes due 2009		99,400			4,970
10½% Senior Exchange Notes due 2009		38,300			—
Other short-term debt		1,664			1,664
Total short-term debt		139,364			6,634
Total current liabilities		204,595			53,211
10% Senior Secured Notes due 2012		—			112,821
Pension liabilities (3)		45,467			45,467
Other liabilities		20,054			20,054
Total liabilities		270,116			231,553
Total shareholders’ equity		(22,588	)		(22,888	)
Total liabilities and shareholders’ equity	$	247,528		$	208,665

(1)	The as adjusted data assumes that 95% in principal amount of the 10½ Senior Notes due 2009 and 100% of the 10½% Senior Exchange Notes due 2009 are tendered in the Exchange Offer and that the Exchange Offer is consummated on the balance sheet date.  The as adjusted data also reflects the use of cash torepay certain liabilities to purchase the Company’s silver inventory, which was previously leased.   The cash used to purchase the silver inventory was released from restricted cash.
(2)	Actual and as adjusted restricted cash includes approximately $15.0 million of margin deposits relating to metal hedging programs and customer firm pricing contracts and approximately $6.0 million of cash collateral to support workers compensation-related letters of credit.
(3)	Reflects the long-term pension liability that is expected to be reflected in the Company’s consolidated financial statements for the year ended December 31, 2008 in accordance with SFAS No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans.  See Note 14 of Notes to Consolidated Financial Statements of the Company for the year ended December 31, 2007, included in our Annual Report of Form 10-K for the year ended December 31, 2007.   In connection with the annual actuarial valuation of the Company’s frozen defined benefit pension plan, the Company adjusted its long-term pension liability by approximately $39.0 million primarily to reflect the significant decrease in the value of the assets of the plan during 2008 as a result of the significant decrease in the long term investment markets.   During 2008, the Company contributed approximately $9.5 million to the plan.   Required minimum contributions during 2009 are estimated to be approximately $2.9 million.