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Rank Group Announces Anticipated Funding for Acquisition of UCI International, Bank Meeting
Tuesday 04. January 2011 - Rank Group, a private group of companies based in New Zealand, announced today its intention to hold a bank meeting with UCI International, Inc. ("UCI International") and prospective lenders on January 6, 2011 in New York, New York to discuss a portion of the financing to be entered into in connection with the proposed acquisition (the "Acquisition") of UCI International by an affiliate of Rank Group.
Affiliates of Rank Group intend to finance the Acquisition and associated transaction costs with a $450 million senior secured term loan (part of a new $525 million senior secured credit facility comprised of the senior secured term loan and a $75 million senior secured revolving facility), $250 million of new senior unsecured indebtedness, an equity contribution of approximately $320 million and cash available on UCI International’s balance sheet.
Cautionary Statements
Statements about the expected timing, completion, and effects of the proposed new financing and the Acquisition constitute forward-looking statements. A variety of factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include the availability and terms of financing for the Acquisition and the satisfaction of other conditions to the Acquisition as set forth in the merger agreement governing the Acquisition. More detailed information about other risks and uncertainties relating to the business of UCI International is contained in UCI International’s 2009 Annual Report on Form 10-K at page 29 filed with the Securities and Exchange Commission (the “Commission”) as revised and updated by Forms 10-Q and 8-K as filed with the Commission.