Standard Motor extends exchange offer for $20 million 6.75% convertibles

By Susanna Moon

Chicago, April 8 - Standard Motor Products, Inc. said it distributed a supplement to the exchange offer for up to $20 million principal amount of its outstanding 6.75% convertible subordinated debentures due 2009 that moves the deadline to May 1. The expiration date was extended from April 17.

The company said on March 20 that is offering to exchange $1,000 principal amount of 15% convertible subordinated debentures due 2011 for each $1,000 principal amount of its old debentures accepted for exchange.

The supplement also provides summary financial information and pro forma financial information, clarifies the timing for announcing any extensions to the exchange offer and enhances the disclosure regarding the description of the proration provisions in the event of an oversubscription to the exchange offer, according to a company press release.

As of March 20, $44.9 million principal amount of the old convertibles was outstanding.

Tendered convertibles may be withdrawn at any time prior to 5 p.m. ET on the expiration date.

HSBC Bank USA, NA (800 662-9844) is the exchange agent.

Standard Motor Products, based in Long Island City, N.Y., manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry.

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