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The convertible notes will pay cash interest semiannually at a rate of 5-1/2% per annum and will be convertible at the option of the holders into shares of Alliance One common stock. The initial conversion rate of the convertible notes is 198.8862 shares of Alliance One common stock per $1,000 of convertible notes, corresponding to an initial conversion price per share of about $5.0280.

The company has granted the initial purchasers an option to purchase up to an additional $15 million of convertible notes solely to cover over-allotments.

Alliance One intends to use a portion of the net proceeds from the offering of the convertible notes and a portion of the net proceeds from its offering of $570 million of its 10% senior notes due 2016 to fund the purchase price of its 11% senior notes due 2012, 8-1/2% senior notes due 2012, 12-3/4% senior subordinated notes due 2012, 9-5/8% senior notes due 2011, 7-3/4% senior notes due 2013 and 8% senior notes due 2012.

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