CVS Revco D.S. makes announcement.WOONSOCKET, R.I.--(BUSINESS WIRE)--June 25, 1997--CVS Revco D.S D.S Drainage Structure (flood protection) ., Inc. (formerly named Revco D.S., Inc.) (the "Company"), a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , announced today that it is commencing a tender offer to purchase for cash at a "spread offer price" any and all of its outstanding 9 1/8% Senior Notes due 2000 (the "Notes") aggregating $140,000,000 in principal amount. The purchase price for the Notes will be calculated as the price that would result from a yield to January 15, 1998, the earliest redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. for the Notes, equal to sum of (i) the yield on the 5 1/4% U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Note due to December 31, 1997 (the "Reference Security") plus (ii) 10 basis points. The Company will pay to each tendering holder accrued and unpaid interest for the Notes in the tender offer to (but not including) the applicable settlement date. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. will calculate the reference yield in accordance with standard market practice, based on the bid price of the Reference Security at the time the holder agrees to tender Notes, as displayed on the Bloomberg Monitor on Page "PX3". The tender offer is described more fully in, and is subject to the terms and conditions of, the Offer to Purchase dated June 25, 1997 being sent today to all holders of the Notes. Holders of the Notes may ascertain the current yield on the applicable Reference Security and the then applicable purchase price for their Notes by contacting Matthew Riez or Duane Hebert of Credit Suisse First Boston at (800) 820-1653 (toll free) or the Liability Management Group at Salomon Brothers Inc. at (800) 558-3745 (toll free) from 9:00 a.m. until 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 any New York City business day while the tender offer remains open. Tenders of Notes may be effected only through Credit Suisse First Boston. Credit Suisse First Boston and Salomon Brothers Inc. are dealer managers for the tender offer. Copies of the offering documents may be obtained through MacKenzie Partners, Inc. at (212) 929-5916 (call collect) or (800) 322-2885 (toll free). The tender offer will expire at 5:00 p.m., New York City time, on July 2, 1997, unless extended or terminated. CONTACT: CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Revco Investor Contacts: Phil Galbo, 401/765-1500 ex. 3508 Nancy Christal, 914/722-4704 MacKenzie Partners Inc., 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 Jeanne Carr 212/929-5916 Media Contact: Fred McGrail, 401/765-1500 ex. 4630 |
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