BATON ROUGE, La., Nov 18, 2003 (BUSINESS WIRE) -- The Shaw Group
Inc. (NYSE:SGR) today announced that it has completed its tender offer
("the Offer"), which commenced on October 20, 2003, for approximately
$373 million (current accreted value of $253 million) of outstanding
Liquid Yield Option(TM) Notes due 2021 (Zero Coupon -- Senior)
("LYONs"). The Offer expired at midnight Eastern Time, on Monday,
November 17, 2003.
Based on preliminary information, approximately $280 million
principal amount at maturity (current accreted value of approximately
$190 million) of LYONs were tendered at $675 per $1,000 principal
amount at maturity. The determination of the final principal amount of
the LYONs accepted for payment is subject to final confirmation of the
proper delivery of the LYONs tendered and not withdrawn. Shaw will
make a final announcement regarding the principal amount of LYONs
accepted for payment within three business days.
Credit Suisse First Boston LLC acted as dealer-manager, D.F. King
& Co., Inc. acted as the information agent, and The Bank of New York
served as the depositary in connection with the Offer.
This announcement is not an offer to purchase, a solicitation of
an offer to purchase, or a solicitation of an offer to sell securities
with respect to any LYONs.
Any documents filed by Shaw, including the Schedule TO and any
amendments, are available at no charge on the SEC's website,
The Shaw Group Inc. is a leading provider of consulting,
engineering, construction, remediation and facilities management
services to government and private sector clients in the
environmental, infrastructure and homeland security markets. Shaw is
also a vertically integrated provider of comprehensive engineering,
consulting, procurement, pipe fabrication, construction and
maintenance services to the power and process industries worldwide.
The Company is headquartered in Baton Rouge, Louisiana and employs
approximately 14,800 people at its offices and operations in North
America, South America, Europe, the Middle East and the Asia-Pacific
region. Additional information on The Shaw Group is available at
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for certain forward-looking statements. The statements
contained herein that are not historical facts (including without
limitation statements to the effect that the Company or its management
"believes," "expects," "anticipates," "plans," or other similar
expressions) and statements related to revenues, earnings, backlog, or
other financial information or results are forward-looking statements
based on the Company's current expectations and beliefs concerning
future developments and their potential effects on the Company. There
can be no assurance that future developments affecting the Company
will be those anticipated by the Company. These forward-looking
statements involve significant risks and uncertainties (some of which
are beyond our control) and assumptions and are subject to change
based upon various factors. Should one or more of such risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. A description of some of the risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements can be found in the Company's reports and
registration statements filed with the Securities and Exchange
Commission, including its Form 10-K and Form 10-Q reports, and on the
Company's website under the heading "Forward Looking Statement". These
documents are also available from the Securities and Exchange
Commission or from the Investor Relations department of Shaw. For more
information on the company and announcements it makes from time to
time on a regional basis visit our website at www.shawgrp.com.
SOURCE: The Shaw Group Inc.
The Shaw Group Inc., Baton Rouge
Laurie LaChiusa, 225-932-2500
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