CHARLOTTE, N.C., Sept. 9, 2010 /PRNewswire-FirstCall/ -- Goodrich Corporation announced today that the company has called for redemption of all of its outstanding $257,460,000 aggregate principal amount 7.625% notes due 2012. The redemption date is October 12, 2010. The redemption price for each note to be redeemed is equal to the greater of (1) 100% of the principal amount of such note and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of any payment of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the related indenture) plus 45 basis points, plus, in each case, accrued and unpaid interest thereon to the redemption date.
The notes will be redeemed utilizing proceeds from the recent note offering. Based on the current market conditions, costs and fees associated with the redemption are expected to be approximately $39 million expense pre-tax ($25 million after-tax or approximately $0.20 per diluted share), which will be recognized in the fourth quarter of 2010. The company's 2010 full year outlook for earnings per share will be adjusted to include the impact of this redemption when the company announces its third quarter 2010 results on October 21, 2010.
The CUSIP number for the notes is 382388AP1. The trustee for the notes is The Bank of New York Mellon Trust Company, N.A. For more information regarding this redemption, note holders may contact the trustee at 1-800-705-0384.
Goodrich Corporation, a Fortune 500 company, is a global supplier of systems and services to aerospace, defense and homeland security markets. With one of the most strategically diversified portfolios of products in the industry, Goodrich serves a global customer base with significant worldwide manufacturing and service facilities. For more information visit http://www.goodrich.com/.
Goodrich Corporation operates through its divisions and as a parent company for its subsidiaries, one or more of which may be referred to as "Goodrich Corporation" in this press release.
Forward-looking Statements
Certain statements made in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company's future plans, objectives, and expected performance. Specifically, statements that are not historical facts, including statements accompanied by words such as "believe," "expect," "anticipate," "intend," "estimate," or "plan," are intended to identify forward-looking statements and convey the uncertainty of future events or outcomes. The company cautions readers that any such forward-looking statements are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks, and actual results may differ materially.
Important factors that could cause actual results to differ include, but are not limited to: fluctuation in the rates of Treasury bonds with a maturity date of December 2012 and the realization of the Company's tax rate assumptions for 2010 and 2011. Further information regarding the factors that could cause actual results to differ materially from projected results can be found in the company's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2009 and the company's quarterly report on Form 10-Q for the quarter ended June 30, 2010.
The company cautions you not to place undue reliance on the forward- looking statements contained in this release, which speak only as of the date on which such statements were made. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date on which such statements were made or to reflect the occurrence of unanticipated events.
Goodrich Corporation
CONTACT: Media: Lisa Bottle, +1-704-423-7060, or Investors: Paul
Gifford, +1-704-423-5517
Web Site: http://www.goodrich.com/
