Goodrich Corporation Redemption of $257,460,000 Aggregate Principal of Its Outstanding 7.625% Notes Due in 2012
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CHARLOTTE, N.C., Sept. 9, 2010 - Goodrich Corporation (NYSE: GR) announced today that the company has called for redemption of all of its outstanding $257,460,000 aggregate principal amount 7.625% notes due 2012. The redemption date is October 12, 2010. The redemption price for each note to be redeemed is equal to the greater of (1) 100% of the principal amount of such note and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of any payment of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the related indenture) plus 45 basis points, plus, in each case, accrued and unpaid interest thereon to the redemption date.
The notes will be redeemed utilizing proceeds from the recent note offering. Based on the current market conditions, costs and fees associated with the redemption are expected to be approximately $39 million expense pre-tax ($25 million after-tax or approximately $0.20 per diluted share), which will be recognized in the fourth quarter of 2010. The company's 2010 full year outlook for earnings per share will be adjusted to include the impact of this redemption when the company announces its third quarter 2010 results on October 21, 2010.
The CUSIP number for the notes is 382388AP1. The trustee for the notes is The Bank of New York Mellon Trust Company, N.A. For more information regarding this redemption, note holders may contact the trustee at 1-800-705-0384.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit www.goodrich.com.
Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release.
