Atlantic Express Transportation Corp. Announces Offer to Purchase Up to $30,000,000 of Its Notes and Solicits Consent of the Note Holders.Business Editors 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.--(BUSINESS WIRE)--Nov. 23, 2000 Atlantic Express Atlantic Express may refer to:
The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. and is soliciting the consent of the holders of the Notes to proposed amendments to the Indenture governing the Notes. Details of the offer and the proposed amendments to the Indenture are contained in the Company's 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 November 23, 2000 and the related Consent and Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. which are being sent to the holders of the Notes. The offer and withdrawal rights 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 December 21, 2000, unless extended by the Company. The solicitation of consents and revocation The recall of some power or authority that has been granted. Revocation by the act of a party is intentional and voluntary, such as when a person cancels a Power of Attorney that he has given or a will that he has written. rights will terminate at 5:00 p.m. New York City time on the earlier of (1) the first business day on which the Company obtains the requisite consents from the holders of a majority of the outstanding Notes and certifies that such consents have been obtained or (2) December 21, 2000, unless extended by the Company. Copies of the Offer to Purchase and Consent Solicitation Statement and related materials are available from The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , as depository for the offer and solicitation, by telephone at 212/815-3750 or by facsimile at 212/815-6339. The offer, the payment of the purchase price for the Notes, the Consent Solicitation and the payment of the consent fee remain subject to all of the terms and conditions contained in the Offer to Purchase and Consent Solicitation Statement and the related Consent and Letter of Transmittal, including the consent of the holders of a majority of the outstanding principal amount of the Notes, the contribution by the Company's parent of all of the outstanding stock of Atlantic Transit, Corp., an additional equity contribution of $10 million from the Company's parent and replacement of the Company's existing $30 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with a proposed new $125 million revolving credit facility. This announcement does not constitute an offer to purchase, or the solicitation of offers to sell, any securities. The offer is only being made through the Company's Offer to Purchase and Consent Solicitation and related materials. The Company is a wholly-owned subsidiary of Atlantic Express Transportation Group Inc., the LARGEST AMERICAN-OWNED, AMERICAN-BASED SCHOOL BUS COMPANY, operating approximately 6,500 vehicles from coast to coast with revenues in excess of $400 million for the fiscal year ended June 30, 2000. Atlantic Express is also one of the nation's largest providers of paratransit service, provides express commuter line, charter and tour bus services, provides transportation for pre-kindergarten and Medicaid recipients and sells school buses and commercial vehicles in New Jersey and various counties in New York There are sixty-two counties in the State of New York. Five of these are boroughs of New York City and do not have functioning county governments. New York City encompasses five counties, and is the county seat of all five of them: New York County (Manhattan), Kings County (Brooklyn), . Information contained in his 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 holders of the Notes or the unavailability of the new credit revolving facility as currently contemplated. |
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