AMFM Inc. Completes Solicitation of Consents and Exchange of Debentures for Series E Preferred Stock.AUSTIN and DALLAS, Texas--(BUSINESS WIRE)--Nov. 23, 1999-- AMFM AMFM Association of Marriage and Family Ministries AMFM Automated Mapping Facilities Management AMFM Association des Modélistes Ferroviaires de Montréal (French: Montreal Railroad Modelers Association) Operating Inc., formerly Capstar Communications, Inc. (the "Company"), an indirect subsidiary of AMFM Inc. (NYSE NYSE See: New York Stock Exchange :AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. ) ("AMFM"), announced today that it has completed its consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with regarding its 12 5/8% Series E Cumulative Exchangeable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. due October 2006 (the "Preferred Stock"), which commenced on October 12, 1999 and expired as of 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Friday, November 12, 1999 (the "Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. "). The purpose of the consent solicitation was to modify certain timing restrictions on the Company's ability to exchange all shares of the Preferred Stock for the Company's 12 5/8% Senior Subordinated Exchange Debentures due 2006 (the "Debentures"). On November 15, 1999, each holder of shares of Preferred Stock who provided consents to the modifications that were not withdrawn prior to the Expiration Date received a consent payment of $0.25 per share of Preferred Stock for which a consent was delivered. Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank Securities Inc. served as the Dealer Manager and MacKenzie Partners, Inc. served as the Information Agent for the consent solicitation. Following the successful completion of its consent solicitation, the Company announced on November 19, 1999 its election to exchange the shares of Preferred Stock for Debentures. Today, holders of record of Preferred Stock on November 18, 1999 received $100 principal amount of Debentures for each share of Preferred Stock owned, and all accrued and unpaid dividends on the Preferred Stock up to, but not including, today. The Company is an indirect subsidiary of AMFM, the nation's largest radio broadcasting entity, consisting of the AMFM Radio Group, including The AMFM Radio Networks and the Chancellor Marketing Group, and the AMFM New Media Group, including Katz Media and AMFM's Internet operations. Reflecting announced transactions, AMFM Radio Group with over 440 stations in 100 markets reaches a weekly listener base of approximately 64 million people. The AMFM Radio Networks offers syndicated programming nationwide. Chancellor Marketing Group is a full-service sales promotion firm developing integrated marketing programs for Fortune 1000 companies. Katz Media is the only full-service media representation firm in the United States serving multiple types of electronic media. AMFM's Internet operations focus on developing AMFM's E-commerce web sites, streaming online broadcasts of AMFM's on-air programming and other media, and promoting emerging Internet and new media concerns. |
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