CLEVELAND, May 16 /PRNewswire-FirstCall/ -- NACCO Industries, Inc. (NYSE: NC) today announced that NMHG Holding Co. ("NMHG"), a wholly owned subsidiary of NACCO Industries, Inc., has completed the redemption of all $250.0 million aggregate principal amount outstanding of its 10% Senior Notes due 2009 (the "Senior Notes") in accordance with the terms and conditions of these securities. The Senior Notes were senior unsecured obligations of NMHG and were guaranteed by substantially all of NMHG's domestic subsidiaries. Pursuant to the terms of the indenture governing the Senior Notes, NMHG paid $1,050 per $1,000 principal amount of senior notes, which includes the redemption premium of 5%, plus accrued and unpaid interest up to but not including the redemption date, which was May 15, 2006, to the registered holders of the Senior Notes. NMHG used the proceeds under a new term loan facility and available cash to fund the redemption. A description of the new term loan facility was included in NACCO Industries, Inc.'s Form 10-Q for the first quarter ended March 31, 2006. As a result of the redemption, NMHG is recognizing a charge of approximately $17.6 million during the second quarter of 2006 for the redemption premium and write-off of the remaining unamortized original bond issue discount and deferred financing fees related to the Senior Notes. As a result of the redemption of the Senior Notes, NMHG will no longer be obligated to file periodic and current reports with the Securities and Exchange Commission.
NACCO Industries, Inc. is an operating holding company with three principal businesses: lift trucks, housewares and mining. NACCO Materials Handling Group, Inc. designs, engineers, manufactures, sells, services and leases a comprehensive line of lift trucks and aftermarket parts marketed globally under the Hyster and Yale brand names. NACCO Housewares Group consists of Hamilton Beach/Proctor-Silex, Inc., a leading designer, marketer and distributor of small electric kitchen and household appliances, as well as commercial products for restaurants, bars and hotels, and The Kitchen Collection, Inc., a national specialty retailer of brand-name kitchenware, small electric appliances and related accessories. The North American Coal Corporation mines and markets lignite coal primarily as fuel for power generation and provides selected value-added mining services for other natural resources companies. For more information about NACCO Industries, visit the Company's website at www.nacco.com.
SOURCE: NACCO Industries, Inc.
CONTACT: Christina Kmetko, Manager-Finance of NACCO Industries, Inc.,
+1-440-449-9669
Web site: www.nacco.com
