Stanley Works Completes HSM Acquisition |
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Stanley Works, The
1000 Stanley Dr.
New Britain, CT, 06053
USA
Press release date: January 17, 2007
NEW BRITAIN, Conn., Jan. 16: The Stanley Works (NYSE:SWK) announced that it has completed its previously announced purchase of HSM Electronic Protection Services, Inc. ("HSM") from Chicago-based private equity firm GTCR for $545 million cash. HSM, based in Lisle, IL provides security alarm monitoring services and access control systems to commercial customers.
The company financed the acquisition with proceeds from existing short term credit facilities and a new $500 million 364-day bridge facility entered into on January 8, 2007. The company remains committed to its current credit ratings and, as previously announced, intends to refinance this transaction with a combination of available cash, debt and equity-linked convertible debt, which it believes will be consistent with maintaining those ratings. The company does not anticipate the need to issue common equity in the short term in order to achieve this objective.
Additional Information About The Stanley Works
The Stanley Works, an S&P 500 company is a worldwide supplier of consumer products, industrial tools and security solutions for professional, commercial, industrial and consumer use. More information about The Stanley Works, including corporate press releases, can be found at http://www.stanleyworks.com/.
Source: The Stanley Works CONTACT: Gerry Gould - VP, Investor Relations, +1-860-827-3833, ggould@stanleyworks.com Web site: http://www.stanleyworks.com/ Company News On-Call: http://prnewswire.com/comp/874363.html
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