C&D Technologies Stockholders Approve Debt-to-Equity Exchange Offer |
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C&D Technologies, Inc.
1400 Union Meeting Road
Blue Bell, PA, 19422
USA
Press release date: December 20, 2010
Offer to Exchange Notes to Expire at 11:59 PM EST tonight - December 20, 2010
BLUE BELL, Pa., Dec. 20, 2010 - C&D Technologies, Inc. announced today that its stockholders have approved the Company's offers to exchange its outstanding 5.25% Convertible Senior Notes due 2025 and 5.50% Convertible Senior Notes due 2026 (together the "Notes") for shares of the Company's common stock and have approved corresponding amendments to the Company's certificate of incorporation at a Special Meeting of Stockholders held today at 3:00 PM EST at the Company's headquarters.
As previously announced, the Company's exchange offers will expire at 11:59 PM EST on Monday, December 20, 2010. Validly tendered Notes may be validly submitted or withdrawn at any time prior to the expiration time. The consummation of the exchange offers is conditioned upon, among other things, at least 95% of the aggregate principal amount of the Notes being validly tendered and not validly withdrawn. As of 5:00 PM EST on December 20, 2010, approximately 97.99% of the Notes have been validly tendered and not validly withdrawn, in its outstanding exchange offers.
Pursuant to the terms of the exchange offers, if all the conditions of the exchange offers are satisfied, the participating noteholders will receive their pro rata share of 95% of the issued and outstanding common stock of the Company immediately following completion of the exchange offer. Existing holders of common stock will retain between 5% and 9.75% of the issued and outstanding common stock of the Company, in each case subject to dilution due to securities issued under the Company's management incentive plans.
If all conditions to consummating the exchange offers have been satisfied, the Company will cease seeking support for its prepackaged plan of reorganization.
The exchange offers are subject to and described more fully in the Company's effective Registration Statement (file number 333-170056) on Form S-4 filed with the SEC on November 30, 2010.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for the switchgear and control (utility), telecommunications, and uninterruptible power supply (UPS), as well as emerging markets such as solar power. C&D Technologies' engineers, manufactures, sells and services fully integrated reserve power systems for regulating and monitoring power flow and providing backup power in the event of primary power loss until the primary source can be restored. C&D Technologies' unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. C&D Technologies is headquartered in Blue Bell, PA. For more information about C&D Technologies, visit http://www.cdtechno.com.
SOURCE C&D Technologies, Inc.
CONTACT:
Shareholder Contacts,
Ian J. Harvie of C&D,
+1-215-619-7835,
or
Andrea Calise of Kekst and Company,
+1-212-521-4845
Web Site: http://www.cdtechno.com
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