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DALLAS, June 18, 2003 - Vought Aircraft Industries, Inc. today announced it is proposing to offer $250 million of senior notes due 2011.
Vought intends to use the net proceeds of the offering to make payments in connection with the previously announced acquisition of The Aerostructures Corporation, to retire outstanding indebtedness under Aerostructures' existing senior secured credit facilities, to prepay certain outstanding indebtedness under Vought's existing credit facilities and for general corporate purposes.
The offering will be made solely by means of a private placement either to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, or to certain persons in offshore transactions pursuant to Regulation S under the Securities Act. The senior notes to be offered will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act.
Vought Aircraft Industries, Inc. (www.voughtaircraft.com) is the world's largest independent supplier of aerostructures. Headquartered in Dallas, the company provides wings, fuselage subassemblies, empennages, nacelles, doors and other aerostructures for prime manufacturers of aircraft. Vought has more than 5,000 employees and annual sales exceeding $1 billion. Vought's primary customers include Boeing, Gulfstream, Lockheed Martin and Northrop Grumman. Aerostructures provides wing assemblies, empennages and other aerostructures to customers including Airbus, Bell Helicopter, Boeing, Gulfstream and Lockheed Martin. Aerostructures has more than 1,400 employees and annual sales of approximately $300 million.
Forward-Looking Statements: Certain statements contained in this press release, or otherwise made by our officers, including statements related to our future performance and our outlook for our businesses and respective markets, projections, statements of our plans or objectives, forecasts of market trends and other matters, are forward-looking statements, and contain information relating to us that is based on our beliefs as well as assumptions, made by, and information currently available to, our management. The words "goal", "anticipate", "expect", "believe" and similar expressions as they relate to us are intended to identify forward-looking statements, although not all forward looking statements contain such identifying words. No assurance can be given that the results in any forward-looking statement will be achieved. For the forward-looking statements, we claim the protection of the safe harbor for forward-looking statements provided for in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Actual results may differ materially from those reflected in the forward-looking statements. Factors that might cause actual results to differ materially from those reflected in any forward-looking statements include, but are not limited to, the following: (i) any inability to successfully implement our strategy; (ii) any inability to comply with the financial or other covenants in our debt instruments; (iii) any material adverse change in financial markets, the economy or in our financial position; (iv) any negative impact from the loss of a key vendor or customer; (v) any negative impact from the loss of any of our senior management or key personnel; (vi) any change in economic conditions in markets where we operate or have material investments which may affect demand for our products or services; (vii) any inability to achieve or maintain cost savings; (viii) any incurrence of tax liabilities beyond our current expectations, which could adversely affect our liquidity; and (ix) any delayed or lost sales and other impacts related to the commercial and economic disruption caused by past or future terrorist attacks, the related war on terrorism, the fear of additional terrorist attacks or any outbreak of the severe acute respiratory syndrome. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our analysis only as of the date they are made. Except as required by applicable law, we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances that arise after the date they are made. Furthermore, as a matter of policy, we do not generally make any specific projections as to future earnings nor do we endorse any projections regarding future performance which may be made by others outside our company. |
