KEMET Corporation Announces Completion of Tender Offer for its 2.25% Convertible Senior Notes Due 2026
May 18, 2010
GREENVILLE, SC – May 18, 2010 – KEMET Corporation (KEME.OB) today announced completion of KEMET’s tender offer for its 2.25% Convertible Senior Notes due 2026 (CUSIP Nos. 488360 AA6 and 488360 AB4) (the Notes), which expired at 11:59 p.m., New York City time on May 17, 2010 (the Expiration Date).
On May 18, 2010, KEMET accepted for purchase $40,500,000 in aggregate principal amount of outstanding Notes that were validly tendered and not validly withdrawn as of the Expiration Date, pursuant to the Offer to Purchase, dated April 20, 2010 (as amended and supplemented from time to time, the Offer to Purchase), and the related Letter of Transmittal (as amended from time to time, the Letter of Transmittal).
Based on final information provided to KEMET by D.F. King & Co., Inc., the information agent and depositary for the tender offer, $57,480,000 in aggregate principal amount of Notes, representing approximately 71 percent of the aggregate principal amount of the outstanding Notes prior to the expiration of the tender offer, were validly tendered and not validly withdrawn as of the Expiration Date. Because the aggregate principal amount of Notes tendered exceeded the maximum tender amount ($40,500,000 in aggregate principal amount) that KEMET was obligated to accept under the terms of the tender offer, the amount of Notes that the Company accepted from tendering holders was subject to proration. As a result, $40,500,000 in aggregate principal amount of Notes were accepted for purchase in the tender offer at a purchase price of $935 for each $1,000 principal amount of Notes purchased in the tender offer, plus accrued and unpaid interest to, but excluding, the date of payment for the Notes.
The aggregate consideration (including accrued and unpaid interest) for the accepted Notes, equal to $37,875,093.81, will be deposited with The Depository Trust Company on May 18, 2010 for delivery to the tendering holders.
BofA Merrill Lynch served as the dealer manager for the tender offer. D.F. King & Co., Inc. served as the information agent and depositary for the tender offer. Questions regarding the tender offer should be directed to BofA Merrill Lynch at 1-888-292-0070 (U.S. toll-free). Requests for the Offer to Purchase and other documents relating to the tender offer may be directed to D.F. King & Co., Inc. at (212) 269-5550 (for banks and brokers only) or 1-800-714-3312 (U.S. toll-free).
About KEMET
KEMET Corporation (KEME.OB) applies world-class service and quality to deliver industry-leading, high-performance capacitance solutions to its customers around the world. KEMET offers the world’s most complete line of surface-mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com/.
