PENDLETON, Ind., Feb. 9, 2011 /PRNewswire/ -- Remy International, Inc. today announced that it has completed the previously-announced redemption of its remaining Preferred Stock. 48,004 shares of Preferred Stock were exchanged in the Remy Rights Offering that closed on January 18, 2011. The remaining 38,996 shares of Preferred Stock were redeemed for approximately $45 million by the Company effective January 31, 2011, thereby cancelling all Preferred Stock of the Company.
John Weber, President and CEO, stated, "We are pleased that Remy was able to redeem its remaining shares of Preferred Stock. At this time, Remy enjoys a capital structure consisting of bank debt, a revolver and common stock equity. We are well-poised for strategic growth."
If you have any questions, please contact Fred Knechtel, Remy's Chief Financial Officer, at 765-778-6871.
About Remy International, Inc.
Remy International, Inc., headquartered in Pendleton, Indiana, is a leading global manufacturer, remanufacturer and distributor of light duty starters and alternators and Delco Remy brand heavy-duty systems. Remy International also manufactures and distributes electric propulsion motors designed with leading-edge technology and backed by the security of over a billion miles of proven reliability. In business for over 100 years, today Remy International is actively collaborating with companies throughout the world to develop innovations that are transforming the vehicle industry. Recently, Remy International was recognized by the United States Department of Energy for its leadership role in the hybrid technologies space and awarded a $60 million grant under the Electric Drive Vehicle Battery and Component Manufacturing Initiative.
Safe Harbor Statement
This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan" and similar expressions are generally intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Although Remy International, Inc. believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate.
CONTACT: Matt Steward, Westcomm, [email protected], 317-270-4894
SOURCE Remy International, Inc.
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