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Exhibit 99.1
Company Press Release
SOURCE: Curtiss-Wright Corporation
Curtiss-Wright Announces Successful
Completion Of $200 Million Debt Offering
Thursday September 25, 4:05 PM EDT
ROSELAND, N.J., Sep 25, 2003 /PRNewswire-FirstCall via COMTEX/ -- Curtiss-Wright
Corporation (NYSE: CW; CW.B), a diversified global provider of highly engineered
products and services to the motion control, flow control and metal treatment
industries, announced today the successful completion of an offering of $200
million of senior notes (the "Notes"), consisting of $125 million 5.74% senior
notes due 2013 and $75 million 5.13% senior notes due 2010, in an offering
exempt from the registration requirements of the Securities Act of 1933.
Curtiss-Wright intends to use the net proceeds of the offering to reduce
outstanding indebtedness under the Company's revolving credit facilities, to
fund its ongoing strategic growth plan and for other general corporate purposes.
The fixed interest cost of the Notes is greater than the current variable rate
revolving credit facilities, and thus will initially result in higher interest
expense, which will negatively impact earnings. However, by locking in long-term
fixed interest rates that are at historical lows, the Company expects to reduce
its exposure to variable short-term rates which may rise significantly over
time. This offering is in line with the Company's belief that the potential risk
of increased interest rates far exceeds the potential for further interest rate
declines.
The Notes were offered and sold to institutional accredited investors in a
private placement that qualified for exemption from registration under the
Securities Act of 1933, as amended (the "Securities Act"). The Notes will not be
registered for resale under the Securities Act and may not be offered or sold
absent such registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities laws.
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Exhibit 99.1
Martin R. Benante, Chairman and CEO of Curtiss-Wright, stated "We are very
pleased with the tremendous response we received for this Note offering and our
opportunity to take advantage of interest rates that are at the lowest level in
forty years. Due to exceptionally strong demand for Curtiss-Wright's offering it
was increased to $200 million from $150 million originally sought. This offering
expanded our Company's access to alternative capital markets and significantly
increased our overall debt capacity, allowing us to continue to pursue our
corporate growth strategies. Although the Notes will result in higher interest
cost in the short term, we believe that this issuance will benefit our
stockholders over the long term and more closely align our capital structure
with our overall corporate strategy."
This press release does not constitute an offer to sell or the solicitation of
an offer to buy the Notes, nor shall there be any sale of the Notes in any state
in which any such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state, and
is issued pursuant to Rule 135c under the Securities Act.
About Curtiss-Wright
Curtiss-Wright Corporation is a diversified company headquartered in Roseland,
New Jersey. The Company designs, manufactures and overhauls products for motion
control and flow control applications and additionally is a provider of metal
treatment services. The firm employs approximately 4,300 people. More
information on Curtiss-Wright can be found on the Internet at
www.curtisswright.com.
About the Centennial Celebration of Flight
On December 17, 1903, amid the sand dunes of Kitty Hawk, North Carolina, man's
quest for powered flight became a reality when a small fabric and wood craft
know as the Wright Flyer ushered in the aviation age. The team behind this
legendary event, Orville and Wilbur Wright, along with aircraft designer Glenn
Curtiss, gave birth to a new industry and founded Curtiss-Wright Corporation,
today a multinational provider of metal treatment, motion control and flow
control systems for the aerospace and defense industries. For more information
about the Centennial Celebration of Flight, visit
www.curtisswright.com/centennial.asp.
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Exhibit 99.1
Forward-looking statements in this release are made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those expressed or implied.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Such risks and uncertainties
include, but are not limited to: a reduction in anticipated orders; an economic
downturn; changes in competitive marketplace and/or customer requirements; a
change in government spending; an inability to perform customer contracts at
anticipated cost levels; and other factors that generally affect the business of
aerospace, defense contracting, marine, and industrial companies. Please refer
to the Company's current SEC filings under the Securities and Exchange Act of
1934, as amended, for further information.
This press release and additional information is available at
www.curtiss-wright.com and www.portfoliopr.com.
SOURCE Curtiss-Wright Corporation
CONTACT: Glenn Tynan, +1-973-597-4700, gtynan@cwcorp.curtisswright.com;
or Paul Holm, pholm@portfoliopr.com, & Matthew Karsh, +1-212-736-9224,
mkarsh@portfoliopr.com
URL: http://www.curtisswright.com
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Copyright (C) 2003 PR Newswire. All rights reserved.
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