Consents Received from Holders of 9 1/4% Senior Subordinated Notes due 2006.NEW YORK--(BUSINESS WIRE)--Feb. 24, 1997--Hollinger International Inc. (NYSE NYSE See: New York Stock Exchange : HLR (Home Location Register) A database in a cellular system that contains all the subscribers within the provider's home service area. When a subscriber reaches a new service area, the data in the HLR is requested and transferred via SS7 to the VLR (Visitor Location ) announced today that the requisite consents have been received from holders of the 9 1/4% Senior Subordinated Notes due 2006 (the "Notes") of its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Hollinger International Publishing Inc. ("Publishing"), in order to effect certain amendments (the "Proposed Amendments") to the Indenture pursuant to which the Notes were issued. The primary purpose of the Proposed Amendments is to facilitate the inclusion of certain international subsidiaries of the Company, principally Southam Inc., a corporation organized under the laws of Canada ("Southam"), and Telegraph Group Limited, a corporation organized under the laws of England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. ("The Telegraph"), as Restricted Subsidiaries (as defined in the Indenture) of Publishing. The Company currently holds directly and indirectly 100% of the equity interest in The Telegraph and approximately 50.7% of the outstanding shares of Southam. The Company has agreed to make a payment of $25 in cash for each $1,000 in principal amount of Notes to each registered holder of Notes whose properly executed consent has been received, and not revoked, prior to the February 20, 1997 expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. 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 . In light of the acceptance of the Proposed Amendments by holders of nearly 98.4% of the outstanding principal amount of the Notes, the Company has determined that it will extend the cash payment to all registered holders of Notes. Hollinger International Inc., through its subsidiaries and affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , is a leading publisher of English-language newspapers in the United States Newspapers have declined in their influence and penetration into American households over the years. The U.S. does not have a national paper per se, although the influential dailies the New York Times and the Wall Street Journal are sold in most U.S. cities. , the United Kingdom, Canada and Israel. Included among the 142 paid daily newspapers which the Company owns are the Chicago Sun-Times and The Daily Telegraph. These 142 newspapers have a world-wide daily combined circulation of 4,021,000 (including approximately 2,230,000 attributable to the publications of affiliates in which the Company has a minority but influential equity interests). In addition, the Company owns or has an interest in 358 non-daily newspapers as well as magazines and other publications. For More Information on Hollinger International Inc., free of charge, please Dial 1 800 PRO INFO and Enter the Company Code "HLR" CONTACT: Paul B. Healy Vice-President, Corporate Development and Investor Relations Hollinger International Inc. 212/586-5666 or J.A. Boultbee Vice-President and Chief Financial Officer Hollinger International Inc. 416/363-8721 |
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