Austell, GA, February 28--Propex Fabrics Inc. announced that it is commencing an exchange offer to exchange its 10% Exchange Senior Notes due 2012, which have been registered under the Securities Act, for any and all of its outstanding 10% Senior Notes due 2012.
The original notes were issued on December 1, 2004. At the time of the issuance of the original notes, the company agreed to offer to exchange the original notes for registered notes. The exchange offer is intended to satisfy those requirements.
The form and terms of the exchange notes are the same as the form and terms of the original notes except that (i) the exchange notes will have been registered under the Securities Act and, therefore, will not bear legends restricting their transfer, and (ii) holders of the exchange notes generally will no longer require the need for having their notes registered. The exchange notes will evidence the same debt as the original notes (which they replace), and will be issued under, and will be entitled to the benefits of, the same indenture which governs the original notes.
The exchange offer will expire at 5:00 p.m., New York City time on March 29, 2005, unless extended by the company in its sole discretion. A prospectus, dated February 25, 2005, relating to the exchange offer and setting forth the terms of the exchange notes is being mailed to record holders of the original notes.
The Exchange Agent for the exchange offer is Wells Fargo Bank, N.A., Corporate Trust Operations, Sixth and Marquette, MAC N9303-121, Minneapolis, Minnesota 55479.
The company is the world's largest producer of primary and secondary carpet backing, and a leading manufacturer and marketer of polypropylene synthetic fabrics used in a variety of other industrial applications.
