BATESVILLE, Ind., March 17 /PRNewswire-FirstCall/ -- Hillenbrand Industries, Inc. (NYSE: HB) (the "Company") announced today the early tender results of its previously announced cash tender offer to purchase any and all of its outstanding 4.50 percent Senior Notes due 2009 (CUSIP No. 431573AD6), of which $250 million in aggregate principal amount was outstanding as of February 29, 2008. The tender offer is being made pursuant to an Offer to Purchase dated February 29, 2008 (the "Offer to Purchase") and the related Letter of Transmittal, which set forth a more comprehensive description of the terms of the tender offer.
As of 5 p.m., New York City time, on March 13, 2008, which is the early tender date, $220,905,000 in aggregate principal amount of notes, representing approximately 88 percent of the outstanding notes, had been validly tendered (and not validly withdrawn) in the tender offer.
The tender offer is scheduled to expire at 8 a.m., New York City time, on March 31, 2008, unless extended or earlier terminated. Holders who validly tendered (and did not validly withdraw) their notes on or before the early tender date and whose notes are accepted for purchase in the tender offer will receive the full tender offer consideration, which will be calculated in the manner described in the Offer to Purchase. Holders who tender their notes after the early tender date and whose notes are accepted for purchase in the tender offer will receive the late tender offer consideration, which is the full tender offer consideration minus the early tender premium of $20.00 per $1,000 principal amount of notes.
In addition to the full tender offer consideration or late tender offer consideration, as applicable, holders of notes tendered and accepted for payment will receive accrued and unpaid interest on the notes from the last interest payment date for the notes to, but not including, the settlement date. The settlement date will be promptly after the expiration date, and is expected to occur on or before April 1, 2008.
The tender offer is conditioned on the satisfaction of certain conditions described in the Offer to Purchase, including the consummation of the distribution to the Company's shareholders of all of the shares of Batesville Holdings common stock. If any condition is not satisfied, the Company is not obligated to accept for purchase, or to pay for, notes tendered and may terminate, extend or amend the tender offer and may postpone the acceptance for purchase of, and payment for, notes so tendered, subject to applicable laws. The tender offer is not conditioned on the tender of a minimum principal amount of the notes. The Company is not soliciting consents from holders of notes in connection with the tender offer.
The Company has retained Citi and Goldman, Sachs & Co. to serve as the dealer managers for the tender offer and has retained Global Bondholder Services Corporation to serve as the depositary and information agent for the tender offer.
Requests for documents may be directed to Global Bondholder Services Corporation by telephone at (866) 952-2200 or (212) 430-3774 or in writing at 65 Broadway - Suite 723, New York, NY, 10006. Questions regarding the tender offer may be directed to Citi at (800) 558-3745 or (212) 723-6106 or Goldman, Sachs & Co. at (877) 686-5059 or (212) 902-9077.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes or any other securities. The tender offer is made only by and pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. None of the Company, the dealer managers or the depositary and information agent makes any recommendations as to whether holders should tender their notes pursuant to the tender offer. Holders must make their own decisions as to whether to tender notes and, if so, the principal amount of notes to tender.
ABOUT HILLENBRAND INDUSTRIES, INC.
Hillenbrand Industries is organized into two operating companies serving the health care and funeral services industries.
Hill-Rom is a leading worldwide manufacturer and provider of medical technologies and related services for the health care industry, including patient support systems, non-invasive therapeutic products for a variety of acute and chronic medical conditions, medical equipment rentals, and information technology solutions. Hill-Rom's comprehensive product and service offerings are used by health care providers across the health care continuum in hospitals, extended care facilities and home care settings to enhance the safety and quality of patient care.
Hill-Rom ... enhancing outcomes for patients and their caregivers.
Batesville Casket Company is a leader in the North American death care industry through the sale of funeral services products, including burial caskets, cremation caskets, containers and urns, selection room display fixturing and other personalization and memorialization products.
Batesville Casket Company ... helping families honor the lives of those they love.
Disclosure Regarding Forward-Looking Statements
Certain statements in this press release contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, regarding Hillenbrand's, Hill-Rom's, and Batesville's future plans, objectives, beliefs, expectations, representations and projections. Hillenbrand has tried, wherever possible, to identify these forward-looking statements using words such as "intend," "anticipate," "believe," "plan," "encourage," "expect," "may," "goal," "become," "pursue," "estimate," "strategy," "will," "projection," "forecast," "continue," "accelerate," "promise," "increase," "higher," "lower," "reduce," "improve," "expand," "progress," "potential" or the negative of those terms or other variations of them or by comparable terminology. The absence of such terms, however, does not mean that the statement is not forward-looking. It is important to note that forward-looking statements are not guarantees of future performance, and actual results could differ materially from those set forth in any forward- looking statements.
Factors that could cause Hill-Rom's actual results to differ from forward- looking statements include but are not limited to: Hill-Rom's dependence on its relationships with several large group purchasing organizations, whether Hill-Rom's new products are successful in the marketplace, changes in customers' Medicare reimbursements, collections of accounts receivable, compliance with FDA regulations, antitrust litigation, potential exposure to product liability or other claims, failure of Hill-Rom's announced strategic initiatives and restructuring and realignment activities to achieve expected growth, efficiencies or cost reductions, disruptions in Hill-Rom's business or other adverse consequences resulting from the planned separation of Hillenbrand's two operating companies, failure to realize the anticipated benefits of the separation, failure of Hill-Rom to execute its acquisition and business alliance strategy through the consummation and successful integration of acquisitions or entry into joint ventures or other business alliances, increased costs or unavailability of raw materials, labor disruptions, the ability to retain executive officers and other key personnel, and certain tax- related matters. For a more in depth discussion of these and other factors that could cause Hill-Rom's actual results to differ from those contained in forward-looking statements, see the discussions under the heading "Risk Factors" in Hillenbrand's Annual Report on Form 10-K for the period ended September 30, 2007. The Company assumes no obligation to update or revise any forward-looking statements.
Factors that could cause Batesville's actual results to differ from forward-looking statements include but are not limited to: Batesville's dependence on its relationships with several large national providers, changes in death rates, whether Batesville's new products are successful in the marketplace, antitrust litigation, potential exposure to product liability or other claims, failure of Batesville's announced strategic initiatives and restructuring and realignment activities to achieve expected growth, efficiencies or cost reductions, disruptions in Batesville's business or other adverse consequences resulting from the planned separation of Hillenbrand's two operating companies, failure to realize anticipated benefits of the separation, failure of Batesville to execute its acquisition strategy through the consummation and successful integration of acquisitions, competition from nontraditional sources in the funeral services business, volatility of Batesville's investment portfolio, increased costs or unavailability of raw materials, labor disruptions, the ability to retain executive officers and other key personnel, and certain tax-related matters. For a more in depth discussion of these and other factors that could cause Batesville's actual results to differ from those contained in forward-looking statements, see the discussions under the heading "Risk Factors" in the Registration Statement on Form 10 filed by Batesville Holdings, Inc with the SEC.
None of Hillenbrand, Hill-Rom and Batesville assumes any obligation to update or revise any forward-looking statements.
|SOURCE Hillenbrand Industries, Inc.|
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