Bankers announces tender offer for 13 percent Senior Subordinated Notes due 2002.Holding Corp. (NYSE NYSE See: New York Stock Exchange : BLH BLH Baldwin-Lima-Hamilton (locomotive manufacturer) BLH Bellingham, Washington (border patrol station) BLH Bidirectional Long Haul ) announced today that it began a tender offer to purchase all of its outstanding 13 percent Senior Subordinated Notes due 2002 for a cash purchase price of $1,163.75 per $1,000 principal amount of Notes, plus accrued interest Accrued Interest 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. to, but not including, the payment date. There is currently $180 million principal amount of the Notes outstanding. The offer will expire at 5:00 p.m., 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 time, on Tuesday, Feb. 27, 1996, unless extended. The offer is conditioned upon, among other things, there being validly tendered and not withdrawn at least a majority of the aggregate outstanding principal amount of the Notes, excluding any Notes held by affiliates of Bankers, and Bankers having entered into a new credit facility with its lenders (borrowings under which are expected to be used in part to purchase the Notes) and the conditions to borrowings thereunder having been satisfied. As part of the offer, Bankers is also soliciting consents to proposed amendments to the indenture relating to the Notes. The proposed amendments would allow Bankers greater future flexibility in its operations by eliminating certain covenants and other restrictions. Bankers Life Holding Corp., headquartered in Chicago, Ill., is a specialized insurance holding company. Bankers' principal subsidiary, Bankers Life and Casualty Bankers Life and Casualty is primarily a health insurance company in the United States. It was founded in 1879 and was previously known as White Cross. It was formerly owned by millionaire investor John D. Company, is a leading provider of Medicare supplement, long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and other individual health, life, annuity and group insurance products, which it markets through career agents and other distribution channels. CONTACT: Bankers Life Holding Corp., Chicago Jim Rosensteele, 317/817-2893 |
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