EDO to Issue New Convertible Notes; Redeem Existing Convertible Notes
November 14 2005 - 5:01PM
Business Wire
EDO Corporation (NYSE: EDO) intends to offer, subject to market and
other conditions, $175 million in aggregate principal amount of
convertible senior subordinated notes due 2025 through a registered
underwritten public offering. As part of the offering, EDO will
grant the underwriters of the notes a 30-day option, solely to
cover over-allotments, to purchase up to an additional aggregate
$26.25 million principal amount of the notes. The offering is being
made pursuant to a shelf registration statement previously filed
with the Securities and Exchange Commission. EDO is also calling
for redemption all $137.8 million outstanding principal amount of
its 5.25 percent convertible subordinated notes due 2007 at the
call price of 102.1 percent of the principal amount, plus accrued
interest. The proceeds from the issuance of the new notes will be
used to pay for this redemption. The company has no other
outstanding debt, and intends to use the remaining proceeds from
the issuance of the new notes for general corporate purposes. The
offering is being lead managed by Citigroup Global Markets Inc., as
sole book-runner, and Wachovia Capital Markets LLC, as joint lead
manager. Copies of the prospectus and prospectus supplement related
to the public offering may be obtained from Citigroup Global
Markets Inc., Brooklyn Army Terminal, 140 58th Street, 5th Floor,
Brooklyn, New York 11220 (Telephone Number 718-765-6732). This
announcement does not constitute an offer to sell or a solicitation
of an offer to buy any notes. The notes will not be sold in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful. EDO Corporation designs and manufactures a
diverse range of products for the defense industry and commercial
markets, and provides related engineering and professional
services. Major product groups include: Defense Electronics,
Communications, Aircraft Armament Systems, Undersea Warfare, and
Integrated Composite Structures. EDO's advanced systems are at the
core of the transformation to lighter, faster, and smarter defense
capabilities. EDO (www.edocorp.com) was founded in 1925 and is
headquartered in New York City. The company employs 2,800 people
and had revenues of $536 million in 2004. Forward-Looking
Statements Certain statements made in this release, including
statements about future intentions and expectations, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on current expectations, estimates and projections about the
company's business based, in part, on assumptions made by
management. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors discussed in the
company's Securities and Exchange Commission filings and reports.
In addition, such statements could be affected by general industry
and market conditions, and general domestic and international
economic conditions. Such forward-looking statements speak only as
of the date on which they are made, and the company does not
undertake any obligation to update any forward-looking statement to
reflect events or circumstances after the date of this release.
E D O (NYSE:EDO)
Historical Stock Chart
From Jun 2024 to Jul 2024
E D O (NYSE:EDO)
Historical Stock Chart
From Jul 2023 to Jul 2024