Tontine to increase stake in Exide following rights offering

By Lisa Kerner

Charlotte, N.C., Aug. 30 - Investors led by Tontine Capital Partners, LP acquired 8,002,971 shares, or 13.1%, of Exide Technologies as an investment, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

Tontine, along with Legg Mason Investment Trust, Inc., agreed to backstop the company's rights offering that would give Exide gross proceeds of up to $91.7 million, according to a company news release.

Under the standby purchase agreement, the filing stated, if the rights offering is consummated, the reporting persons will acquire additional shares of Exide common stock.

Exide is an Alpharetta, Ga., manufacturer and supplier of lead acid batteries used in transportation, motive power, network power and military applications.

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