TIMCO Aviation Services, Inc. Announces Commencement of Offer of Premium for Early Conversion of Its Outstanding Senior and Juni
January 26 2005 - 5:06AM
PR Newswire (US)
TIMCO Aviation Services, Inc. Announces Commencement of Offer of
Premium for Early Conversion of Its Outstanding Senior and Junior
Subordinated Convertible PIK Notes Into Common Stock GREENSBORO,
N.C., Jan. 26 /PRNewswire-FirstCall/ -- TIMCO Aviation Services,
Inc. (OTC:TMAS) (BULLETIN BOARD: TMAS) today announced that it has
commenced its previously announced offer to the holders of its 8%
senior subordinated convertible PIK notes due 2006 ("Senior Notes")
and to the holders of its 8% junior subordinated convertible PIK
notes due 2007 ("Junior Notes", and collectively with the Senior
Notes, the "Notes") to receive a 15% premium for agreeing to an
early conversion of their Notes into shares of the Company's
authorized but unissued common stock ("Common Stock"). In
connection with the offer, the Company is also soliciting consents
from the holders of the Notes to proposed amendments to the
indentures governing the Notes. The proposed amendments will remove
all material covenants contained in the indentures governing the
Notes. The offer and consent solicitation will expire at 5:00 p.m.,
New York City time on Tuesday, March 1, 2005, unless extended. This
press release is not an offer or solicitation for the early
conversion of the Notes into Common Stock, which can only be made
on the terms and subject to the conditions described in the Tender
Offer Statement (including an offering circular, a related letter
of transmittal and other offer documents) filed with the U.S.
Securities and Exchange Commission ("SEC"). The Tender Offer
Statement is being made available to all holders of Notes at no
expense to them. The Tender Offer Statement is also available at no
charge at the SEC's website at http://www.sec.gov/ . The Tender
Offer Statement contains important information that should be read
carefully before any decision is made with respect to the offer and
consent solicitation. TIMCO Aviation Services, Inc. is among the
world's largest providers of fully integrated aviation maintenance,
repair and overhaul (MR&O) services for major commercial
airlines, regional air carriers, aircraft leasing companies,
government and military units and air cargo carriers. The Company
currently operates four MR&O businesses: TIMCO, which, with its
four active locations (Greensboro, NC, Macon, GA, Lake City, FL and
Goodyear, AZ), is one of the largest independent providers of heavy
aircraft maintenance services in the world; Aircraft Interior
Design and Brice Manufacturing, which specialize in the
refurbishment of aircraft interior components and the manufacture
and sale of aftermarket parts and new aircraft seats; TIMCO
Engineered Systems, which provides engineering services both to our
other MR&O operations and to our customers; and TIMCO Engine
Center, which refurbishes JT8D engines and performs on-wing repairs
for both JT8D and CFM-56 series engines. Visit TIMCO online at
http://www.timco.aero/ . This press release contains
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause the
Company's actual results in future periods to differ materially
from forecasted results. A number of factors, including
satisfaction of the conditions to completion of the tender offer
contained in the Tender Offer Statement and those identified in the
Company's Annual Report on Form 10-K for the year ended December
31, 2003 and its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2004, could adversely affect the Company's
ability to obtain these results. Copies of the Company's filings
with the U.S. Securities and Exchange Commission are available from
the SEC or may be obtained upon request from the Company. The
Company does not undertake any obligation to update the information
contained herein, which speaks only as of this date. DATASOURCE:
TIMCO Aviation Services, Inc. CONTACT: Roy T. Rimmer, Jr., Chairman
& Chief Executive Officer, or Fritz Baumgartner, Vice President
and Corporate Controller, or Kevin Carter, Vice President-Planning
and Treasurer of TIMCO Aviation Services, Inc., +1-336-668-4410 Web
site: http://www.timco.aero/
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