Cabot Industrial Properties, L.P. Receives Consents Required in Connection with Tender Offer and Consent Solicitation for Outstanding Debt Securities.Business Editors CHICAGO--(BUSINESS WIRE)--Jan. 30, 2003 Cabot Industrial Properties, L.P. and its sole General Partner, Cabot Industrial Trust, today announced that in connection with Cabot L.P.'s tender offer for all of its 7.125% Redeemable Notes Due 2004 (NYSE NYSE See: New York Stock Exchange : CTRP CTRP Workers Confederation of the Republic of Panama CTRP Central de Trabajadores de la Revolución Peruana (Spanish: Federation of Workers of the Peruvian Revolution) CTRP Cooperative Threat Reduction Program 04), 8.200% Series A Medium Term Notes Due 2005 and 8.500% Series A Medium Term Notes Due 2010, as of January 29, 2003, the "consent payment deadline," Cabot L.P. has received tenders and grants of consent from holders of the Notes in aggregate principal amount sufficient to authorize the execution of three supplemental indentures, which amend 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. under which the Notes were issued. These amendments will become operative upon Cabot L.P.'s purchase of the validly tendered and unwithdrawn Notes. Upon effectiveness of these amendments, certain of the principal restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. and events of default contained in the Indenture will be eliminated, thereby increasing Cabot L.P.'s financial and operating flexibility. As of the "consent payment deadline," which was January 29, 2003, Cabot L.P. had received valid tenders for 98.13% of the 7.125% Notes, 100% of the 8.200% Notes and 86.95% of the 8.500% Notes. As specified in the 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, the offers 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 13, 2003, unless extended or earlier terminated. This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The offers are made only pursuant to the Offer to Purchase and Consent Solicitation Statement. Persons with questions regarding the offers should contact the Information Agent at 212/440-9800 (for banks and brokerage firms) or 866/328-5439 (for all others) or the Dealer Manager at 877/686-5059. |
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