NEWS RELEASE
CONTACT:
Karen L. Howard
Vice President, Treasurer and Interim Chief Financial Officer
Columbus McKinnon Corporation
716-689-5550
KAREN.HOWARD@CMWORKS.COM
FOR IMMEDIATE RELEASE
COLUMBUS MCKINNON CALLS FOR REDEMPTION OF ALL OUTSTANDING
8 1/2% SENIOR SUBORDINATED NOTES DUE 2008
AMHERST, NY, September 12, 2005 -- Columbus McKinnon Corporation (Nasdaq: CMCO)
today announced that it has called for redemption of the remaining $25.6 million
of its outstanding 8 1/2% Senior Subordinated Notes due 2008 (the "Notes"). The
Notes will be redeemed at A redemption price of 101.417% of the principal amount
thereof plus accrued interest up to, but excluding the redemption date of
October 14, 2005 (the "Redemption Date"). All interest on the Notes called for
redemption will cease to accrue on and after the Redemption Date. $116.8 million
of the Notes were repurchased by Columbus McKinnon pursuant to a tender offer
that terminated on September 1, 2005.
The redemption of the Notes will be made under the terms of the Indenture, dated
as of March 31, 1998 (the "Indenture") among Columbus McKinnon, its subsidiary
guarantors and U.S. Bank Trust National Association, as trustee, which permits
Columbus McKinnon to redeem the Notes prior to maturity. A Notice of Redemption
has been mailed with respect to the Notes to all registered holders of the
Notes. Copies of the Notice of Redemption and additional information relating to
the procedures for redemption will be available from U.S. Bank Trust National
Association at 60 Livingston Avenue, St. Paul, Minnesota 55107 or by calling
1-800-934-6802.
Payment of the redemption price on the Notes called for redemption will be paid
only upon presentation and surrender thereof by Noteholders in accordance with
the procedures indicated in the Notice of Redemption.
Columbus McKinnon intends to redeem the Notes using proceeds from its recently
completed offering of 8 7/8% Senior Subordinated Notes due 2013, borrowings
under its revolving credit facility and available cash.
U.S. Bank Trust National Association is the trustee, registrar and paying agent
for the Notes.
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of
material handling products, systems and services, which efficiently and
ergonomically move, lift, position or secure material. Key products include
hoists, cranes, chain and forged attachments. The Company is focused on
commercial and industrial applications that require the safety and quality
provided by its superior design and engineering know-how. Comprehensive
information on Columbus McKinnon is available on its web site at
http://www.cmworks.com.
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Safe Harbor Statement
The information contained in this news release, other than historical
information, consists of forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements may involve
risks and uncertainties that could cause actual results to differ materially
from those described in such statements. Although Columbus McKinnon Corporation
believes that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct.
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