CSK Auto Corp. Announces Pricing of Senior Subordinated Note Offering.Business Editors/Automotive Writers PHOENIX--(BUSINESS WIRE)--Jan. 9, 2004 CSK Auto CSK Auto Inc. is the largest specialty retailer of automotive parts and accessories in the western United States and one of the largest retailers of such products in the entire country. Corp. (NYSE NYSE See: New York Stock Exchange : CAO), the parent company of CSK Auto Inc., a specialty retailer in the automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. , announced today that CSK Auto Inc. has priced its private placement of $225.0 million of senior subordinated notes. The senior subordinated notes will have a coupon of 7% and will mature on Jan. 15, 2014. Due to strong demand from investors, the size of the offering was increased from $200.0 million to $225.0 million. The note offering is part of a refinancing Refinancing An extension and/or increase in amount of existing debt. by CSK Auto Inc. that includes the execution of an amended and restated senior credit facility, increasing borrowings by $75.0 million to $400.0 million, and the repurchase of its existing $280.0 million of 12% Senior Notes due 2006 pursuant to a tender offer commenced on Dec. 16, 2003. CSK Auto Inc. will use proceeds from the note offering, borrowings under the amended and restated credit facility and cash on hand to repurchase any of its Senior Notes tendered pursuant to the tender offer. As of today, approximately $265.0 million aggregate principal amount of the Senior Notes had been tendered. The tender offer expires on Jan. 15, 2004. All of the refinancing transactions, including the private placement of the senior subordinated notes, are expected to close on Jan. 16, 2004. The senior subordinated notes have not been registered under the Securities Act of 1933 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 or an applicable exemption from registration requirements. Portions of this release may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "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. " protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in the company's performance is contained in the company's filings with the Securities and Exchange Commission. |
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