Press Releases
09/13/2012

Re: Bondholders’ Intention concerning Amendment to the Terms and Conditions (Extension of Maturity Date, Increase in Interest Rate, Increase in Redemption Amount, etc.) and Offer to Purchase of the 1st Series Unsecured Bonds

Covalent Materials Corporation (the “Company”) announced in the press release “Re: Holding of Bondholders Meeting concerning Amendment to the Terms and Conditions (Extension of Maturity Date, Increase in Interest Rate, Increase in Redemption Amount, etc.) and Offer to Purchase of the 1st Series Unsecured Bonds”, dated September 13, 2012, to hold a bondholders meeting in relation to an amendment to the terms and conditions (extension of maturity date, increase in interest rate, increase in redemption amount, etc.) (the “the Proposal”) of 1st Series Unsecured Bonds (with inter-bond pari passu clause) (ISIN code: JP330135A829) (the “Bonds”), as well as to amend the conditions of the offer to purchase the Bonds (the “Purchase Offer”) which is subject to, among other things, the approval of the Proposal at the bondholders meeting of the Bond and the court’s approval of such bondholders’ resolution.

The Company was informed by a group of bondholders (the “Group”) who hold a majority of the Bonds and are represented by Blackstone Advisory Partners L.P., that the Group has agreed to vote in favor of the Proposal at the bondholders meeting and has agreed to tender all Bonds held by the Group at the terms referred to in the press release mentioned above.

For details related to the Proposal and the conditions of the Purchase Offer, please refer to the press release “Re: Holding of Bondholders Meeting concerning Amendment to the Terms and Conditions (Extension of Maturity Date, Increase in Interest Rate, Increase in Redemption Amount, etc.) and Offer to Purchase of the 1st Series Unsecured Bonds”, dated September 13, 2012.

The Company is currently in ongoing negotiations with financial institutions while implementing various measures in order to establish financial stability, increased profitability and continuous growth. The Company would like to express its most sincere apologies again for the inconvenience it has caused its bondholders, and is increasingly committed to drastic revitalization. Lastly, the Company greatly appreciates the continued support it has received from its Bondholders.

* For inquiries regarding the bondholders meeting:
Accounting & Finance, Finance Group,
Covalent Materials Corporation
For English communication, please contact us at the E-mail address below.
(E-mail: IR-contact@covalent.co.jp Mobile: +81-70-6526-8230)

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