ROCHESTER, N.H. -- (Business Wire)
Albany International Corp. (NYSE: AIN) today announced that it is
exercising its option to redeem all remaining outstanding 2.25%
Convertible Senior Notes due 2026 (the “Notes”), of which an aggregate
of $28.437 million in principal amount is outstanding. The redemption
date will be March 15, 2013. The Notes will be redeemed at a price of
100% of the principal amount thereof, plus accrued and unpaid interest,
including additional interest, if any, to the redemption date. The
amount of interest that will be payable with respect to the Notes on the
redemption date is $11.25 per $1,000 principal amount of the Notes.
If the trustee for the Notes (acting as Paying Agent) holds money
sufficient to redeem on the redemption date all the Notes, then on and
after the redemption date (i) such Notes will cease to be outstanding,
(ii) interest, including additional interest, if any, will cease to
accrue, and (iii) all other rights of the holders of such Notes will
terminate (whether or not book-entry transfer of the Notes has been made
or the Notes have been delivered to the trustee) other than the right to
receive the redemption price upon delivery of the Notes.
Payment of the redemption price and surrender of the Notes for
redemption will be made through the facilities of and in accordance with
the procedures of The Depository Trust Company. Notes must be
surrendered to the trustee for the Notes (as Paying Agent) to collect
the Redemption Price.
In lieu of redemption, Notes may be converted at any time before the
close of business on the second Business Day immediately prior to the
Redemption Date (i.e., 5:00 p.m., New York City time, on March 13,
2013). The current conversion rate of the Notes is 23.2078 shares of the
Company’s Class A Common Stock per $1,000 principal amount of Notes. Any
holder wishing to convert his or her Notes must satisfy the requirements
for conversion set forth in the Notes and the indenture relating
thereto. Notes surrendered for conversion will be settled in cash (and,
if applicable, shares) in accordance with the provisions of the Notes
and the indenture related thereto.
The trustee serves as the Paying Agent and Conversion Agent under the
indenture with respect to the Notes. The address of the Trustee is as
follows:
First Class, Certified
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and Registered Mail:
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The Bank of New York Mellon
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Global Corporate Trust
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P.O. Box 396
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East Syracuse, NY 13057
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Express Delivery:
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The Bank of New York Mellon
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Global Corporate Trust
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111 Sanders Creek Parkway
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East Syracuse, NY 13057
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Hand Delivery:
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The Bank of New York Mellon
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Global Corporate Trust
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Corporate Trust Window
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101 Barclay Street, 1st Floor East
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New York, NY 10286
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About Albany International
Albany International is a global advanced textiles and materials
processing company, with two core businesses. Machine Clothing is the
world’s leading producer of custom-designed fabrics and belts essential
to production in the paper, nonwovens, and other process industries.
Albany Engineered Composites is a rapidly growing supplier of highly
engineered composite parts for the aerospace industry. Albany
International is headquartered in Rochester, New Hampshire, operates 18
plants in 11 countries, employs 4,300 people worldwide, and is listed on
the New York Stock Exchange (Symbol AIN). Additional information about
the Company and its products and services can be found at www.albint.com.
Contacts:
Investors:
Albany International Corp.
John Cozzolino,
518-445-2281
john.cozzolino@albint.com
or
Media:
Albany
International Corp.
Susan Siegel, 603-330-5866
susan.siegel@albint.com
or
Kekst
and Company for Albany International
Michael Herley, 212-521-4897
michael-herley@kekst.com
Source: Albany International Corp.
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