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EXHIBIT 99
FOR IMMEDIATE RELEASE CONTACT: EDWARD F. CRAWFORD
PARK-OHIO INDUSTRIES, INC.
(216) 692-7200
PARK-OHIO ANNOUNCES RULE 144A OFFERING
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CLEVELAND, OHIO, November 3, 1997 -- Park-Ohio Industries, Inc.
(NASDAQ:PKOH) announced today that it is proceeding with a private placement, to
be completed during the fourth quarter of 1997, of $150 million of senior
subordinated notes due in 2007. The proceeds of the private placement are
expected to be used to refinance current indebtedness under existing bank
facilities and to redeem the convertible senior subordinated debentures due on
June 15, 2004. The final terms of the notes will be determined at a later date.
In connection with the offering of the senior subordinated notes, Park-Ohio
anticipates entering into a new $200 million senior bank facility. The new bank
facility is expected to have an initial term of five years with one year renewal
options thereafter.
A registration statement relating to these securities has not been filed
with the Securities and Exchange Commission. These securities may not be sold
absent registration or an applicable exemption from registration. This news
release shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any State in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any State.
Park-Ohio, headquartered in Cleveland, Ohio, operates diversified
manufacturing and logistics businesses.
Park-Ohio stock is traded on the NASDAQ National Market.
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23000 EUCLID AVENUE -- EUCLID, OHIO 44117 -- 216-692-7200/FAX 216-692-7174