Cendant Announces Public Offering of $1 Billion of FELINE PRIDES - SM.STAMFORD, Conn. and PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 12, 1998--Cendant Corp. (NYSE NYSE See: New York Stock Exchange :CD) today announced that it intends to offer $1 billion of FELINE feline of, or pertaining to, members of the family Felidae. See also cat. feline agranulocytosis see feline panleukopenia (below). feline actinic dermatitis see solar dermatitis. PRIDES (SM), including units consisting of trust preferred securities and stock purchase contracts under which the holders will be required to purchase common stock from Cendant in February of 2001. 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. will manage the offering. Cendant will grant the underwriters an option to purchase up to an additional $150 million of FELINE PRIDES (SM) to cover over-allotments, if any. Proceeds from the offering will be used for general corporate purposes including acquisitions and to reduce outstanding indebtedness, but are not currently contemplated as part of financing for the proposed acquisition of American Bankers American Banker is a daily newspaper covering the financial services industry. Founded in 1835 and based in New York, American Banker's 70 reporters and editors in six cities monitor developments and breaking news affecting banks. Insurance Group Inc. As previously disclosed, the company has obtained financing for that transaction through a new $1.5 billion 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. Cendant is the world's premier provider of consumer and business services. With a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of approximately $33 billion, it ranks among the 100 largest U.S. corporations. Cendant operates in three principal segments: Membership, Travel and Real Estate Services. In Membership Services, Cendant provides access to travel, shopping, auto, dining, and other services through more than 66.5 million memberships worldwide. In Travel Services, Cendant is the leading franchisor of hotels and rental car agencies worldwide, the premier provider of vacation exchange services and the second largest fleet management company. In Real Estate Services, Cendant is the world's premier franchisor of residential real estate brokerage offices, a major provider of mortgage services to consumers and a global leader in corporate employee relocation. Headquartered in Stamford, Conn. and Parsippany, N.J., Cendant has more than 35,000 employees, operates in over 100 countries and makes approximately 100 million customer contacts annually. The planned offering will be made only by means of a prospectus supplement to a Cendant shelf registration statement. The registration statement has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. CONTACT: Investor Contact: Laura P. Hamilton Senior Vice President Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. and Investor Relations Investor relations The process by which the corporation communicates with its investors. 203/965-5114 or Media Contact: Elliot Bloom Vice President Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most 973/496-8414 |
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