Coinmach Makes Announcement.NEW YORK--(BUSINESS WIRE)--Oct. 8, 1997--Coinmach Corp. ("Coinmach"), a wholly-owned subsidiary of Coinmach Laundry Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market: "WDRY") announced today receipt of consents from the holders of its Series B 11 3/4% Senior Notes due 2005 (the "notes") necessary to modify the covenant in its 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. restricting Coinmach's ability to incur debt. The amendment, which will go into effect today, will provide Coinmach with greater flexibility to incur additional indebtedness during the next 24 months. Nothwithstanding the receipt of requisite consents, Coinmach (i) will continue to accept consents from holders of the notes 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 Tuesday, Oct. 14, 1997 and (ii) continue to pay a consent fee of $8.75 per $1,000 principal amount of notes to each such holder who tenders an accepted consent in accordance with the terms of the 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 on or prior to that time. Coinmach Laundry Corp. is the nation's leading provider of coin-operated laundry equipment services for multi-family properties. Coinmach owns and operates approximately 415,000 coin-operated washers and dryers on routes in over 42,000 locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and northern Mexico. Coinmach is also a distributor of laundromat equipment and turnkey laundromats. CONTACT: Coinmach Laundry Corporation Robert M. Doyle Senior Vice President and Chief Financial Officer 516/484-2300 |
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