American Radio Systems offers to purchase 9 3/4% Senior Subordinated Notes.BOSTON--(BUSINESS WIRE)--April 18, 1997--American Radio Systems Corp. (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. ) today commenced an offer to purchase any and all of American's (formerly EZ Communications EZ Communications, Inc. was a corporation with its headquarters in Fairfax, Virginia. In the 1970s, the small company was one of the pioneers of the easy listening on the FM broadcasting radio spectrum with 2 stations in Manassas and Richmond. Inc.) outstanding 9 3/4% Senior Subordinated Notes due 2005 (the "EZ Notes"). The offer is required by the terms of the indenture governing the EZ Notes because of a change in control of EZ which occurred upon its merger with and into American on April 4, 1997. The offer expires at 5:00 pm, May 19, 1997, unless extended by American, and payment for the EZ Notes is expected to occur on or about May 22, 1997. American will pay $1,056.31 per $1,000 aggregate principal amount of EZ Notes tendered in accordance with the terms of the Offer to Purchase and the related Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. . The purchase price represents 101 percent of the outstanding principal amount plus accrued and unpaid interests to, but not including, May 22, 1997. Holders of the EZ Notes may tender all or any portion of their EZ Notes; however, EZ Notes may be tendered only in aggregate increments of $1,000. The EZ Notes are guaranted by certain American subsidiaries and rank senior in right of payment to American's 9% Senior Subordinated Notes due 2006 and pari passu [Latin, By an equal progress; equably; ratably; without preference.] Used especially to describe creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other. PARI PASSU. By the same gradation. with American's senior bank debt. State Street Bank and Trust Co. will serve as the Depository and paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for the offer. Requests for the Offer to Purchase, the Letter of Transmittal and related materials should be directed to American Radio Systems Corp., 116 Huntington Avenue, Boston, Massachusetts 02116, Attn: Bruce Danziger, director of investor relations Investor relations The process by which the corporation communicates with its investors. (phone (617) 375-7500). American Radio Systems Corp. began trading shares publicly in June, 1995. The company owns and/or programs and markets 64 FM and 29 AM stations in Boston, Seattle, Cincinnati, Baltimore, Pittsburgh, Portland, Sacramento, St. Louis, Charlotte, Kansas City, Hartford, Las Vegas, Austin, Buffalo, San Francisco/San Jose, West Palm Beach, Rochester, Dayton and Fresno. The company also has options and/or agreements to buy additional radio stations in Cincinnati, San Francisco/San Jose, Pittsburgh, Charlotte, West Palm Beach, Fresno and Riverside. CONTACT: American Radio Systems Corp. Joe Winn or Bruce Danziger, 617/375-7500 |
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