<PAGE> 1
RELEASE ON RECEIPT
00-60-S
HERCULES ANNOUNCES PLAN FOR DEBT REFINANCING
WILMINGTON, DEL, NOVEMBER 2, 2000 . . . Hercules Incorporated (NYSE: HPC) today
announced that it plans to issue $750 million in new debt to repay certain
maturing debt securities and to increase liquidity through repayment of existing
bank debt. The new debt is expected to comprise $375 million in new senior
unsecured notes with a maturity of 7 years and $375 million in new
non-amortizing bank term debt with a maturity of five years.
Taken together with the proceeds from recent and pending asset sales, the new
issuance of non-amortizing, long-term debt is intended to provide management the
financial flexibility to pursue the appropriate strategic alternative for the
Company.
Closing of the proposed new debt issuance is dependent on an amendment to the
terms of Hercules' existing credit facility, which the Company expects to
receive by November 14, 2000.
# # #
The securities that will be offered will not be registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements
under the federal securities laws.
# # #
Hercules manufactures chemical specialties used in making a variety of products
for home, office and industrial markets. For more information, visit the
Hercules website at www.herc.com.
This news release includes forward-looking statements, as defined in the Private
Securities Litigation Reform Act of 1995, reflecting management's current
analysis and expectations, based on reasonable assumptions. Results could differ
materially depending on such factors as business climate, economic and
competitive uncertainties, higher manufacturing costs, reduced level of customer
orders, changes in strategies, risks in developing new products and
technologies, environmental and safety regulations and clean-up costs, foreign
exchange rates, adverse legal and regulatory developments, and adverse changes
in economic and political climates around the world. Accordingly, there can be
no assurance that the company will meet analysts' earnings estimates. As
appropriate, additional factors are contained in reports filed with the
Securities and Exchange Commission. This paragraph is included to provide safe
harbor for forward-looking statements, which are not required to be publicly
revised as circumstances change.
Media Contact: Sue Towers (302) 594-6025, [email protected]
Investor Contact: Allen Spizzo (302) 594-6491, [email protected]
