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 COMPLETES OFFERING OF COMMON STOCK
AMHERST, NY, November 15, 2005 -- Columbus McKinnon Corporation (Columbus
McKinnon) (Nasdaq: CMCO), a leading designer, manufacturer and marketer of
material handling products, announced that it has completed its previously
disclosed offering of 3,350,000 shares of common stock at $20.00 per share. The
offering consisted of 3,000,000 new shares sold by Columbus McKinnon and 350,000
existing shares sold by a selling shareholder. Net proceeds to Columbus McKinnon
from the offering were approximately $56.0 million after payment of underwriting
discounts, commissions and estimated offering expenses. The net proceeds 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. In
addition to the shares already sold, the underwriters may also purchase up to an
additional 450,000 new shares from Columbus McKinnon by December 7, 2005 to
cover over-allotments.
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 U.S. 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 is
being made only by means of a prospectus, copies of which can be obtained from
Credit Suisse First Boston LLL, 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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