BRISTOL, Conn., Mar 02, 2011 (BUSINESS WIRE) --
Barnes Group Inc. (NYSE: B), a diversified global manufacturer and
logistical services company, announced today that The Bank of New York
Mellon Trust Company, N.A., trustee under the Indenture for the
Company's 3.75 percent Convertible Senior Subordinated Notes Due 2025,
is providing notice to note holders that Barnes Group has exercised its
right to redeem the remaining $92.5 million principal amount of the 3.75
percent Convertible Notes under the terms of the Indenture, effective
April 5, 2011.
Barnes Group has elected to pay cash to holders of the 3.75 percent
Convertible Notes surrendered for conversion, including the value of any
residual value shares of common stock that might be payable to the
holders. The Company intends to use borrowings under its senior credit
facility to finance the redemption of the 3.75 percent Convertible Notes.
This press release does not constitute a notice of redemption of the
3.75 percent Convertible Notes. The redemption is being made solely
pursuant to a notice of redemption dated March 2, 2011, which has been
delivered to the holders of the 3.75 percent Convertible Notes by The
Bank of New York Mellon Company. This press release does not constitute
an offer to sell, or the solicitation of an offer to buy, any securities.
ABOUT BARNES GROUP
Barnes Group Inc. (NYSE:B) is a diversified global manufacturer and
logistical services company focused on providing precision component
manufacturing and operating service support. Founded in 1857, 4,900
dedicated employees at more than 60 locations worldwide are committed to
achieving consistent and sustainable profitable growth. For more
information, visit www.BGInc.com.
Barnes Group, the Critical Components People.
This release may contain certain forward-looking statements as defined
in the Private Securities Litigation and Reform Act of 1995.
Forward-looking statements are made based upon management's good faith
expectations and beliefs concerning future developments and their
potential effect upon the Company and can be identified by the use of
words such as "anticipated," "believe," "expect," "plans," "strategy,"
"estimate," "project," and other words of similar meaning in connection
with a discussion of future operating or financial performance. These
forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those expressed in
the forward-looking statements. The risks and uncertainties, which are
described in our periodic filings with the Securities and Exchange
Commission, include, among others, uncertainties arising from the
behavior of financial markets; future financial performance of the
industries or customers that we serve; changes in market demand for our
products and services; integration of acquired businesses; restructuring
costs or savings; introduction or development of new products or
transfer of work; changes in raw material or product prices and
availability; foreign currency exposure; our dependence upon revenues
and earnings from a small number of significant customers; a major loss
of customers; the outcome of pending and future claims or litigation or
governmental, regulatory proceedings, investigations, inquiries, and
audits; uninsured claims and litigation; outcome of contingencies;
future repurchases of common stock; future levels of indebtedness; and
numerous other matters of global, regional or national scale, including
those of a political, economic, business, competitive, environmental,
regulatory and public health nature. The Company assumes no obligation
to update our forward-looking statements.
SOURCE: Barnes Group Inc.
Barnes Group Inc.
Chris Stephens, 860-583-7070