PENDLETON, Ind. -- Remy International has announced the consummation of its common stock rights offering, which expired at 5 p.m. EST on Jan. 18. The company also announced that it has received the requisite 66 2/3 percent common shareholder vote approving the rights offering and the proposed amendment to its certificate of incorporation to allow the company to redeem its Series A Preferred Stock and Series B Preferred Stock at its option.

Pursuant to the terms of the rights offering, the company offered shares of common stock at a price of $11 per share to existing holders of common stock as of Nov. 12, 2010, who certified to the company that they are accredited investors or institutional accredited investors. Eligible shareholders exercised rights for approximately 19.7 million shares of common stock resulting in proceeds of approximately $217 million, including cancellation of approximately $93.5 million worth of shares of Preferred Stock. At the end of the offering, Remy will have approximately 31.6 million shares of Common Stock outstanding.

Remy’s board of directors held a special meeting Jan. 19 and decided to cancel any over-subscription rights based on the success of the initial offering. Additionally, the board declared a dividend on the remaining shares of Series A and Series B Preferred Stock to stockholders of record on Jan. 20 and called for the notice of redemption of the remaining Series A and Series B preferred stock to be redeemed on Jan. 31.

John Weber, Remy's president and CEO, stated, "We are extremely excited by the support shown by our investors and the market. Their enthusiasm for Remy has allowed us to generate sufficient proceeds from the initial rights offering to redeem all preferred stock. Upon completion of the preferred stock redemption, Remy's new capital structure will consist of only bank debt and common stock. Remy now has a very efficient capital structure which will allow us to compete effectively and aggressively grow our business both organically and strategically."