Press release from Marketwire
Linamar Completes Private Placement of US$130 Million of Senior Unsecured Notes
Friday, July 23, 2010
GUELPH, ONTARIO--(Marketwire - July 23, 2010) - Linamar Corporation ("Linamar") (TSX:LNR) announces that it has completed a private placement of US $130 million aggregate principal amount of senior unsecured notes ("the Notes"). The Notes are comprised of US $130 million principal amount at a seven (7) year term bearing interest at a rate of 5.31% per annum. The net proceeds from the sale of the Notes will be used for general corporate purposes.
Linda Hasenfratz, Linamar's CEO, stated that "we were very pleased with the terms of the Notes and how smoothly this transaction took place. Additionally, we were oversubscribed in the market, which we believe shows the strength of Linamar's balance sheet and reputation as a solid, reliable company with a good track record and great future growth prospects."
Linamar Corporation (TSX:LNR) is a diversified global manufacturing company of highly engineered products powering vehicles, motion, work and lives. The company's Powertrain and Driveline focused divisions are world leaders in the collaborative design, development and manufacture of precision metallic components, modules and systems for global vehicle and power generation markets. The company's Industrial division is a world leader in the design and production of innovative mobile industrial equipment, notably its class-leading aerial work platforms and telehandlers. With close to 11,000 employees in 37 manufacturing locations, 5 R&D centers and 11 sales offices in Canada, the US, Mexico, Germany, Hungary, the UK, China, Korea and Japan, Linamar generated sales of close to $1.7 Billion in 2009. For more information about Linamar Corporation and its industry leading products and services, visit www.linamar.com.
Certain information regarding Linamar set forth in this document, including management's assessment of the Company's future plans and operations may constitute forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from these anticipated in the forward-looking statements due to factors such as customer demand and timing of buying decisions; product mix; competitive products; the cost, timing and effectiveness of cost reduction initiatives; and pricing pressure. In addition, uncertainties and difficulties in domestic and foreign financial markets and economies could adversely affect demand from customers. These factors, as well as general market, economic and political conditions, may in turn have a material adverse effect on the Company's financial results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linamar Corporation Linda Hasenfratz Chief Executive Officer 519.836.7550or
Linamar Corporation Ted Mahood Chief Financial Officer 519.836-7550