NEWS RELEASE
CONTACT:
Karen L. Howard
Vice President, Treasurer and Interim Chief Financial Officer
Columbus McKinnon Corporation
716-689-5550
karen.howard@cmworks.com
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FOR IMMEDIATE RELEASE
COLUMBUS MCKINNON PRICES OFFERING OF COMMON STOCK
AMHERST, NY, November 8, 2005 -- Columbus McKinnon Corporation (Columbus
McKinnon) (Nasdaq: CMCO), a leading designer, manufacturer and marketer of
material handling products, today announced that it has priced its previously
announced offering of shares of common stock at $20.00 per share. The offering
consists of 3,000,000 new shares sold by Columbus McKinnon and 350,000 existing
shares sold by a selling shareholder. The underwriters may also purchase up to
an additional 450,000 new shares from Columbus McKinnon to cover
over-allotments. Net proceeds to Columbus McKinnon from the offering are
expected to be approximately $56.0 million before consideration of the
over-allotment and will be used to redeem approximately $40.25 million of its
outstanding 10% senior secured notes and for general corporate purposes,
including additional debt repayment, investments and acquisitions. Columbus
McKinnon will not receive any of the proceeds from the 350,000 shares sold by
the selling shareholder. The closing of the offering is expected to occur on
November 14, 2005.
Credit Suisse First Boston LLC acted as lead manager of the offering. Robert W.
Baird & Co. Incorporated and Needham & Company, LLC acted as co-managers.
A registration statement relating to these securities was filed with and has
been declared effective by the Securities and Exchange Commission. This press
release does not constitute an offer to sell or the solicitation of an offer to
buy any of the securities of Columbus McKinnon, and there shall be no sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. This offering was
made only by means of a prospectus, copies of which can be obtained from Credit
Suisse First Boston, Prospectus Department, One Madison Avenue, New York, NY
10010, telephone no. (212) 325-2580 or by faxing your request to (212) 325-8057.
About Columbus McKinnon
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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.
Safe Harbor Statement
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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 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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