Applied Power Inc. Completes Subscription to Subordinated Notes Offering.Business Editors WAUKESHA, Wis.--(BUSINESS WIRE) July 21, 2000-Applied Power Inc. (NYSE NYSE See: New York Stock Exchange :APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander ) announced today that it has agreed to issue $200 million aggregate principal amount of its 13% senior subordinated notes due May 1, 2009 at a price of 98.675%. Settlement will occur on August 1, 2000, subject to customary conditions and effectiveness of the previously announced spin-off of the company's Electronics segment from its Industrial Businesses. Proceeds from this offering will be used to repay indebtedness in connection with the spin-off of APW Ltd. The Company's Industrial Business, which will be renamed Actuant Corporation, will be the obligor of the notes. The notes, which will be issued in reliance on the exemption in Section 4(2) of the Securities Act of 1933, have not been registered under the Securities Act and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration under the Securities Act or an applicable exemption from the registration requirement. Applied Power Inc. will continue trading under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "APW' until July 24, 2000. On July 24, 2000, APW Ltd. will trade on a "when-issued" basis under the ticker symbol "APW" and Applied Power Inc. will begin trading under the ticker symbol "ATU (ADSL Transceiver Unit) A device that provides ADSL modulation of the telephone line. The device at the telco side is the ATU-C (Central), which is a line card plugged into the DSLAM. ". APW Ltd. has been informed that sales of Applied Power Inc. stock continuing through the mail date of July 31, 2000 will involve sales of due bills for APW Ltd. This means that a seller of Applied Power Inc. stock will give up the right to receive the APW Ltd. stock if they sell their Applied Power Inc. stock during this time. However, Applied Power Inc. stock may be sold on an ex-dividend basis. In such case, the seller then retains the right to receive the APW Ltd. shares at the time of distribution. About APW Ltd. APW Ltd., a Bermuda corporation, operates in over 45 locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. APW Ltd. is a technically enabled manufacturing services company that designs and manufactures large, complex products for OEM's in the communications, computing and internet markets. APW Ltd. has particular skills in the areas of enclosures, thermal management, power supplies and backplanes. About Applied Power Inc. Applied Power Inc., d/b/a Actuant Corporation, headquartered in Glendale, Wisconsin, is a global company that has two business segments; Tools & Supplies and Engineered Solutions. Tools & Supplies sells branded, specialized industrial and electrical tools to hydraulic and electrical wholesale distributors, catalog houses and various retail distribution channels. Engineered Solutions designs and markets customized motion control systems for original equipment manufacturers (OEMs) in diversified markets. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these projections are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Applied Power's results are also subject to general economic conditions, continued market acceptance of the Company's new product introductions, the successful integration of recent acquisitions, operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: risk due to competitive pricing, foreign currency fluctuations and interest rate risk. |
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