Arcadia Financial Ltd. Announces Pricing of Its Tender Offer and Consent Solicitation for 11 1/2% Senior Notes Due 2007.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--June 5, 2000 Arcadia Financial Ltd. ("Arcadia"), an indirect wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Associates First Capital Corporation (NYSE NYSE See: New York Stock Exchange :AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System ), today announced the pricing of its tender offer 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 for both tranches of its 11 1/2% Senior Notes Due 2007 (the "Notes"). The offer was made pursuant to an Offer to Purchase and Consent Solicitation Statement dated May 8, 2000. Assuming the offer is not extended beyond the scheduled expiration time Expiration time The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 11:59AM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30PM on 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 June 6, 2000, the purchase price for each $1,000 principal amount of the Notes purchased in the offer will be $1,122.57 plus accrued but unpaid interest to but excluding the date of payment. The purchase price includes a consent payment in an amount equal to 2% of the principal amount. A supplemental indenture incorporating the proposed amendments to the indenture has been executed by Arcadia and the trustee for the Notes, as described in the offer. However, the amendments will not become operative unless and until validly tendered Notes are purchased pursuant to the offer. If the offer is consummated and the amendments become effective, the amendments will be binding on all non-tendering holders of Notes. The offer will expire at 5:00 p.m., New York City time, on June 6, 2000, unless extended. Payment for tendered Notes will be made in same day funds on the first business day following expiration of the offer, or as soon thereafter as practicable. The Depositary for the Tender Offer is Norwest Bank Minnesota, National Association. |
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