American Media Operations, Inc. Amends Consent Solicitation for 11-5/8% Senior Subordinated Notes Due 2004.LANTANA lantana (lăntā`nə): see verbena. lantana Any of more than 150 shrubs that make up the genus Lantana in the verbena family, native to the New World and African tropics. , Fla.--(BUSINESS WIRE)--March 31, 1999--American Media Operations, Inc. (NYSE NYSE See: New York Stock Exchange :ENQ 1. (character) ENQ - /enkw/ or /enk/ ENQuire. The mnemonic for ASCII character 5. 2. (chat) ENQ - An on-line convention for querying someone's availability. ) (the "Company") today announced that it has amended the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 "Consent Expiration Date") for the solicitation of consents to amend the indenture (the "Indenture") for its 11-5/8% Senior Subordinated Notes due 2004 (the "Notes") from 11:59 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 Thursday, April 22, 1999 to 11:59 p.m., New York City time, on Wednesday, April 7, 1999, unless extended, or the first date thereafter at least one day prior to which the Company has received the requisite consents and has made a public announcement (by press release) that it has received the requisite consents. As of the date hereof, the Company has received the requisite consents. Consents may be revoked at any time prior to the Consent Expiration Date but thereafter are irrevocable unless the Tender Offer (as defined below) is terminated. Subject to the the provisions of the 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 Statement dated March 1, 1999 (the "Offer to Purchase"), holders of the Notes who deliver consents on or prior to the Consent Expiration Date will receive the consent payment of $20.00 per $1,000 principal amount of the Notes for which Consents have been validly delivered and not revoked. If Consents of at least a majority in aggregate principal amount of the Notes are received and accepted, the Company and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Trust Company of 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 , the trustee for the holders of the Notes (the "Trustee"), intend to execute a supplemental indenture (the "Supplemental Indenture") to the Indenture promptly after the Consent Expiration Date. The Supplemental Indenture will eliminate all of the material 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. in the Indenture. Although the Supplemental Indenture will be executed by the Company and the Trustee promptly after the Consent Expiration Date, it will not become operative unless and until the Notes are accepted for purchase by the Company pursuant to its tender offer (the "Tender Offer") for cash of any and all of the Notes. The expiration date (the "Tender Offer Expiration Date") for the Tender Offer remains unchanged and will be 11:59 p.m., New York City time, on Thursday, April 29, 1999. Tenders of Notes may be withdrawn at any time prior to the Tender Offer Expiration Date. In addition, the date on which the purchase price for the Notes will be determined also remains unchanged and will be 2:00 p.m., New York City time, on Tuesday, April 27, 1999 (the second business day preceding the Tender Offer Expiration Date), unless the tender offer is extended. Information regarding the pricing, tender and delivery procedures and conditions of the tender offer and consent solicitations are contained in the Offer to Purchase and related documents, which have been sent to the holders of the Notes. Chase Securities Inc. will be acting as the exclusive Dealer Manager and Solicitation Agent for the tender offer and the consent solicitation. Any questions regarding the tender offer or consent solicitation may be directed to Alexis Pugliese of Chase Securities Inc. at (212) 270-6366. The Offer to Purchase and related documents can be obtained by contacting ChaseMellon Shareholder Services L.L.C., the Information Agent, at (212) 273-8070 or (877) 698-6870. American Media Operations, Inc. publishes National Enquirer En`quir´er n. 1. See Inquirer. Noun 1. enquirer - someone who asks a question asker, inquirer, querier, questioner , Star, Weekly World News and Country Weekly. Distribution Services, Inc., a wholly-owned subsidiary, provides marketing, merchandising and information-gathering services to publishing and consumer products companies and to retailers. This news release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer and consent solicitations are made only by the Offer to Purchase. |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion