Advanstar Communications Inc. Announces Results of Offer to Purchase and Consent Solicitation.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Advanstar Communications Inc. ("Advanstar") today announced the results of its offer to purchase and 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 launched on May 31, 2005 (the "Offer and Solicitation") which expired at 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 June 28, 2005. Pursuant to the Offer and Solicitation, Advanstar offered to purchase any and all of its outstanding Second Priority Senior Secured Floating Rate Notes due 2008 ("Floating Rate Notes"). Advanstar has been advised by the depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. , Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, N.A., that $117,801,750 aggregate outstanding principal amount of Floating Rate Notes were validly tendered for purchase and not withdrawn in the Offer and Solicitation. Advanstar has agreed to purchase all such notes. The total consideration to be paid for Floating Rate Notes purchased in the Offer and Solicitation is $1,073 for each $1,000 principal amount outstanding of Floating Rate Notes, which includes a $30 consent payment. Holders should note that, as a result of principal amortization, while each Floating Rate Note was issued in a face amount of $1,000, the outstanding principal amount of each Floating Rate Note is currently $982.50. Accordingly, a holder will not receive $1,073 as the total consideration in respect of each such Floating Rate Note, but rather an amount equal to 107.3% of the actual outstanding principal amount of such Note. Holders whose Floating Rate Notes are purchased in the Offer and Solicitation will also receive accrued and unpaid interest to, but not including, the settlement date. As previously announced, Advanstar received consents pursuant to the Offer and Solicitation sufficient to effect all of the proposed amendments to the indenture governing the Floating Rate Notes as set forth in the Offer to Purchase and Consent Solicitation Statement dated May 31, 2005. The proposed amendments eliminate, with respect to the Floating Rate Notes only, substantially all of the restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. and certain default provisions in the indenture governing the Floating Rate Notes. The proposed amendments also release the security interest in the collateral under the indenture and security documents with respect to the Floating Rate Notes. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. acted as the exclusive Dealer Manager and Solicitation Agent for the Offer and Solicitation. Questions regarding the Offer and Solicitation may be directed to Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. First Boston's Liability Management Group, at (800) 820-1653 or (212) 538-0652 (collect). This press release is neither an offer to purchase nor a solicitation of an offer to sell the securities. About Advanstar Communications Advanstar Communications Inc. (www.advanstar.com) is a leading worldwide media company providing integrated marketing solutions for the Fashion, Life Sciences and Powerports industries. Advanstar serves business professionals and consumers in these industries with its portfolio of 55 expositions and conferences, 55 publications and directories, 75 electronic publications and Web sites, as well as educational and direct marketing products and services. Market leading brands and a commitment to delivering innovative, quality products and services enables Advanstar to "Connect Our Customers With Theirs." Advanstar has roughly 1,000 employees and currently operates from multiple offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. Business Risks The statements contained in this press release and our other oral and written statements that are not historical in nature are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Although management of Advanstar believes that its expectations are based upon reasonable assumptions within the bounds of its knowledge of Advanstar's business, there can be no assurance that they in fact will be realized. Numerous factors may affect Advanstar's actual results and may cause results to differ materially from those expressed in forward-looking statements made by or on behalf of Advanstar including such factors listed from time to time in Advanstar's reports filed with the Securities and Exchange Commission including the factors described in our 2004 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. under the heading "certain factors which may affect future results." Advanstar does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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