Coinstar to Call an Additional $15 Million of 13% Notes.Business Editors BELLEVUE Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. , Wash.--(BUSINESS WIRE)--Feb. 14, 2002 Coinstar Inc. (Nasdaq: CSTR CSTR Centre for Speech Technology Research CSTR Canister CSTR Continually Stirred Tank Reactor CSTR Center for Software Testing Research (Florida Tech) CSTR Combat System Trial Rehearsal (US DoD) ) today gave notice to the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. of its intention to call $15 million of its 13% senior subordinated discount notes, effective March 15, 2002. This follows the payment of $10 million principal amount of these notes on January 3, 2002. "Due to our consistently strong financial results, expanding cash flow, and promising outlook, we were able to negotiate more flexible terms on our existing credit agreement, enabling us to use our $15 million term loan to buy back an additional portion of our high yield notes," said Diane Renihan, chief financial officer of Coinstar. The $15 million reduction in high yield debt is expected to result in net interest expense savings of approximately $750,000 for the remainder of 2002. Accordingly, the company is raising its 2002 net income guidance for its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. core business to $13.8 to $18.8 million, before an extraordinary loss of approximately $2.5 million, consisting of premium and deferred financing fees related to the early retirement of $25 million of debt. "We are very pleased with this intermediate step that enables us to retire an additional $15 million in high yield debt and reduce our interest expense," concluded Renihan. "We continue to seek a larger commercial bank loan that would enable us to retire the remaining $36 million of high yield notes." About Coinstar Inc. Coinstar Inc. owns and operates the only nationwide network of supermarket-based machines that offer coin counting and other electronic services. The company has more than 9,500 machines, linked by a sophisticated interactive network, throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , as well as in the United Kingdom. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Coinstar's anticipated growth and future operating results that involve a number of risks and uncertainties. These are forward-looking statements for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements in this press release include statements relating to Coinstar's financial performance for 2002. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause or contribute to such varying results include, but are not limited to, the ability to bring new and repeat customers to Coinstar machines, the ability to obtain new agreements with potential retail partners for the installation of Coinstar units in North America and the United Kingdom, the successful deployment and operation of our coin processing network, and additional potential competitors. These and other risks are more fully described under the caption "Risk Factors" included in the most recent reports filed with the Securities and Exchange Commission by Coinstar Inc. Coinstar undertakes no duty or obligation to update the information provided herein. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion