CEI Citicorp Holdings Sociedad Anonima Noteholders Meeting.Business Editors BUENOS AIRES Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina--(BUSINESS WIRE)--Aug. 22, 2000 CEI CEI Competitive Enterprise Institute CEI Conferenza Episcopale Italiana (Italian bishop conference) CEI Central European Initiative CEI Comitato Elettrotecnico Italiano (Italian Electrotechnical Committee) Citicorp Holdings Sociedad Anonima, an Argentine corporation (the "Company"), today announced that at a meeting of the holders of each of the Company's 8.50% Series A Notes due 2002, 9.75% Series B Notes due 2007 and 11.25% Series C Notes due 2007 held at the Company's offices in Buenos Aires, Argentina, on August 17, 2000, the holders of such notes approved a one-time waiver of a provision of the Indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. governing such notes. The one-time waiver was sought in connection with a capital reduction by the Company to be implemented by means of a voluntary redemption and exchange of shares of the Company for all of the shares of Southtel Holdings S.A. its 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. (the "Southtel Offer"). The holders that voted to approve the waiver will receive a payment promptly after the Company's shareholders approve the Southtel Offer, which is currently expected to occur during the fourth quarter of 2000. This waiver will become effective upon (i) Telefonica S.A. ("Telefonica") exchanging shares of Telefonica for shares of the Company representing at least 80% of the voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. of the Company and (ii) the commencement of an offer by the Company to purchase up to all of the above-mentioned notes at a price of 101% of the principal amount of each Note, plus accrued and unpaid interest to the date of purchase. Please contact Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co., Liability Management Group at (888) 654-8637 (toll free), (212) 449-4914 (call collect) or, in Argentina, call (+5411) 4317-7600 for additional information. |
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