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Tower International, Inc. Announces Pricing of Secondary Public Offering of Common Stock At $21.25 Per Share

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Tower International, Inc. (NYSE: TOWR), a leading integrated global manufacturer of engineered structural metal components and assemblies, announced today the pricing of a previously announced secondary public offering of 7,250,000 shares of its common stock, par value $0.01 share, by Tower International Holdings, LLC, at $21.25 per share. Tower International Holdings, LLC is an affiliate of Cerberus Capital Management, L.P. and is the sole selling stockholder in the offering. The selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 1,087,500 shares of the common stock. Tower International, Inc. will not receive any of the proceeds from the sale of shares in the offering.

Goldman, Sachs & Co., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers of the offering. Wells Fargo Securities, LLC and Robert W. Baird & Co. Incorporated are acting as co-managers in the offering. The offering is currently expected to close on July 30, 2013, subject to customary closing conditions.

The offering is being made pursuant to an effective shelf registration statement, including a prospectus and a preliminary prospectus supplement relating to the offering, filed by Tower International, Inc. with the U.S. Securities and Exchange Commission ("SEC"). Prospective investors should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents that Tower International, Inc. has filed with the SEC for more complete information about Tower International, Inc. and the offering. Copies of the preliminary prospectus supplement and the accompanying prospectus, and, when available, the final prospectus supplement and the accompanying prospectus, relating to the offering may be obtained by visiting EDGAR on the SEC Website at www.sec.gov or by contacting Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204.

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of these securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the related registration statement.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, no assurance can be given that the offering to which this press release relates will be completed. These forward-looking statements reflect the current views of Tower International, Inc. with respect to future events and are based on assumptions and subject to risks and uncertainties. Forward-looking statements speak only as of the date on which they are made and Tower International, Inc. assumes no duty, and does not undertake, to update forward-looking statements.

Posted-In: News Offerings

 

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