Atlantic Express Transportation Corp. Announces Initiation of Consent Solicitation.STATEN ISLAND Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. , N.Y. -- Atlantic Express Atlantic Express may refer to:
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 of the holders of its 12% Senior Secured Notes due 2008 and its Senior Secured Floating Rate Notes due 2008 in connection with proposed amendments and waivers to the Indenture governing the Notes. Details of the proposed amendments and waivers are contained in the Company's Consent Solicitation Statement, dated February 15, 2005, and the related Consent Letter, which are being sent to holders of the Notes. The proposed amendments and waivers would, as described more fully in the Consent Solicitation Statement, permit the Company to borrow up to an additional $15.0 million (plus the principal amount of new PIK PIK See: Payment-in-kind bond PIK See payment-in-kind security (PIK). notes issued in connection therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. ) of secured debt in the form of $15.0 million aggregate principal amount of Third Priority Senior Secured Notes due 2008 (the "Additional Indebtedness") and to waive compliance with certain provisions of the Indenture and certain events of default. The solicitation of consents will expire 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 February 23, 2005, unless terminated or extended by the Company. Copies of the official Consent Solicitation Statement and related information are available on request from Jefferies & Company, Inc., as information agent, by telephone at (504) 681-5721. The Consent Solicitation and the payment of the consent fee remain subject to all of the terms and conditions contained in the official Consent Solicitation Statement, including the consummation of the offering of Additional Indebtedness. Atlantic Express is the fourth largest provider of school bus transportation in the United States This article or section has multiple issues: * It does not cite any references or sources. Please help improve this article by citing reliable sources. * It may need to be to meet Wikipedia's quality standards. and the leading provider in New York City, the largest market in which it operates. The Company has contracts to provide school bus transportation in 138 school districts in New York List of school districts in New York State, USA. The New York State Education Department (NYSED) divides the state into ten Joint Management Team (JMT) Regions.[1] Each JMT contains one or more BOCES and each BOCES supports several school districts. , Missouri, Massachusetts, California, Pennsylvania California is a borough in Washington County, Pennsylvania, along the Monongahela River. The population was 5,274 at the 2000 census. It includes the campus of California University of Pennsylvania. , New Jersey, Illinois and Vermont. The Company generally provides services for the transportation of open enrollment students through the use of standard school buses, and the transportation of physically or mentally challenged students through the use of an assortment of vehicles, including standard school buses, passenger vans and lift-gate vehicles, which are capable of accommodating wheelchair-bound students. Atlantic Express has a fleet of approximately 5,800 vehicles to service its school bus operations, consisting of school buses, minivans and cars, lift and ramp-equipped vehicles, coaches and service and support vehicles. Information contained in this news release other than statements of historical fact are forward-looking statements subject to various risks and uncertainties. Although Atlantic believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results in such forward-looking statements include failure to obtain the requisite consent of the holders of the Notes as currently contemplated. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion