Recent Press Releases:
Standard Steel Announces Expiration and Results of Change of Control Offer to Purchase 12% Senior Secured Notes due 2015
Burnham, PA, October 31, 2011 –
Standard Steel, LLC (the "Company") today annouced the expiration of the previously announced change of control offer (the "Change of Control Offer") on the terms and subject to the conditions set forth in the Notice of Change of Control and Offer to Purchase, dated
September 26, 2011 (the "Offer to Purchase"), relating to its outstanding 12% Senior Secured Notes due 2015 (the "Notes") (CUSIP Nos. 85414A AA6, U85422 AA8) issued by the Company and Standard Steel Finance Corporation.
The Change of Control Offer expired immediately after 5:00pm, New York City time, on October 26, 2011. None of the Notes were tendered in the Change of Control Offer.
This press release is for information purposes only, and is not an offer to purchase, or the solicitation of an offer to purchase, the Notes.
Standard Steel to be Sold to
Sumitomo Metals Industries, Ltd. and Sumitomo Corporation
Pittsburgh, PA, June 27, 2011 – Standard
Steel, LLC, a portfolio company of Trimaran Capital Partners, announced today
its parent company, Steel Wheels Acquisition Corporation, will be sold to
Sumitomo Metals Industries, Ltd. and Sumitomo Corporation. Standard Steel is a leading manufacturer of
steel wheels and axles for use in freight railcars, locomotives and passenger railcars. Trimaran and certain members of the
management team purchased the company in 2006.
The transaction, which is valued at $340 million, is expected to close
before year end, subject to the receipt of regulatory approvals.
Standard Steel produces steel
railroad wheels and axles from its manufacturing facility in Burnham, PA
and has approximately 620 employees. CEO Michael Farrell said, “Under
Trimaran's leadership, we completed several initiatives, including an expansion
of our wheel business, that have enabled us to remain competitive in the
railcar components market. We are
excited about the opportunities to further grow our business and enhance our
relationship with our customers and we look forward to working with our new
owners to achieve future success."
Michael Maselli, Managing
Director of Trimaran, said, "We are pleased to have partnered with
Standard Steel's management and employees to support an iconic company as it
entered into its next phase of growth.
The company is now well-positioned for future expansion and should
continue its successful tradition of being a key supplier to one of the
country’s oldest industries under its new ownership.”
Credit Suisse
Securities (USA) LLC acted as financial advisor to the company and Skadden,
Arps, Slate, Meagher & Flom acted as legal counsel to Trimaran.
About Standard Steel
Standard Steel, Inc. is a leading
manufacturer of steel wheels and axles for use in freight railcars, locomotives
and passenger railcars. The company’s customers include Class I railroads,
freight railcar builders, railcar and locomotive maintenance shops, Amtrak,
locomotive builders and regional transit authorities, among others. The
company, together with its predecessors, was established over 200 years ago,
and its Burnham, PA,
facility is one of the oldest continuously operating manufacturing facilities
in North America.
About Trimaran Capital Partners
Trimaran is a private asset
management firm, headquartered in New
York, with assets under management in excess of $2
billion. Since 1995, Trimaran has completed 61 private equity investments
totaling over $1.5 billion of equity capital. Trimaran partners with
outstanding management teams with the objective of creating long-term
value.
