Cox Communications, Inc. Announces Redemption Date for All Remaining Outstanding Prizes and Premium Phones.Business Editors ATLANTA--(BUSINESS WIRE)--April 23, 2004 Cox Communications Cox Communications is a privately owned subsidiary of Cox Enterprises providing digital cable television and telecommunications services in the United States. It is the third-largest[2] cable television provider in the United States, serving more than 6. , Inc. (NYSE NYSE See: New York Stock Exchange : COX) will redeem all remaining outstanding Exchangeable Subordinated Debentures due 2029 (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 224044 503) ("PRIZES") and all remaining outstanding 3% Exchangeable Subordinated Debentures due 2030 (CUSIP No. 224044 AW7)("Premium PHONES") in accordance with the terms of the instruments governing such securities on Monday, June 7, 2004 (the "Redemption Date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. "). Each of the remaining outstanding 164,424 PRIZES has an original principal amount of $88.50, and each of the remaining outstanding 107 Premium PHONES has an original principal amount of $1,000. Cox currently expects the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. it will be required to pay to holders of the PRIZES and Premium PHONES pursuant to the respective governing instruments will be the original principal amount for each security, plus accrued and unpaid interest. The redemption price is dependent, in part, upon the market value of the referenced shares associated with these securities, as described further below, and on or about May 29, 2004, five business days prior to the Redemption Date, Cox will provide more information regarding the actual redemption price to be paid to holders of PRIZES and Premium PHONES on the Redemption Date. With respect to the PRIZES, Cox will pay a quarterly interest payment on May 15, 2004, to holders of record as of May 1, 2004, at the rate of $0.4425 per PRIZES. There is no interest payment date with respect to the Premium PHONES prior to the Redemption Date. The PRIZES are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "PRI PRI: see Institutional Revolutionary party. (Primary Rate Interface) An ISDN service that provides 23 64 Kbps B (Bearer) channels and one 64 Kbps D (Data) channel (23B+D), which is equivalent to the 24 channels of a T1 line. ". The Premium PHONES are not listed on any stock exchange nor quoted on any automated dealer quotation system. The PRIZES are exchangeable for cash based on the market value of certain reference shares, which as a result of the Sprint recombination recombination, process of "shuffling" of genes by which new combinations can be generated. In recombination through sexual reproduction, the offspring's complete set of genes differs from that of either parent, being rather a combination of genes from both parents. transaction described below, is one (1) share of Sprint common stock (NYSE: FON Fon People of southern Benin and adjacent parts of Togo. They speak a dialect of Gbe, a Kwa language of the Niger-Congo language family. Numbering about 3 million, the Fon are mainly farmers. ). Holders may tender PRIZES for exchange at any time prior to Noon eastern time on the Redemption Date. In accordance with supplemental indenture governing the Premium PHONES, the Premium PHONES are no longer exchangeable. Sprint Corporation has authorized the elimination of its PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. tracking stock by mandating the exchange of its PCS shares for shares of its FON common stock, effective as of April 23, 2004. Sprint also has announced a regular cash dividend payable to all record holders of its FON common stock as of June 9, 2004. Since the Sprint record date is after the Redemption Date, the redemption price paid by Cox for the remaining outstanding PRIZES and Premium PHONES will not include any amounts attributable to the regular cash dividend declared on the Sprint FON common stock. About Cox Communications Cox Communications (NYSE: COX), a Fortune 500 company, is a multi-service broadband communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. with approximately 6.6 million total customers, including approximately 6.3 million basic cable subscribers. Cox is the nation's fourth-largest cable television provider, and offers both traditional analog video The original video recording method that stores continuous waves of red, green and blue intensities. In analog video, the number of rows is fixed. There are no real columns, and the maximum detail is determined by the frequency response of the analog system. programming under the Cox Cable brand as well as advanced digital video programming under the Cox Digital Cable brand. Cox provides an array of other communications and entertainment services, including local and long distance telephone under the Cox Digital Telephone brand; high-speed Internet access under the brands Cox High Speed Internet and Cox Express; and commercial voice and data services via Cox Business Services. Local cable advertising, promotional opportunities and production services are sold under the Cox Media(SM) brand. Cox is an investor in programming networks including Discovery Channel. More information about Cox Communications can be accessed on the Internet at www.cox.com. Caution Concerning Forward-Looking Statements Statements in this release, including statements relating to growth opportunities, revenue and cash flow projections and introduction of new products and services, are "forward-looking statements", as defined by 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. These statements relate to Cox's future plans, earnings, objectives, expectations, performance and similar projections, as well as any facts or assumptions underlying these statements or projections. Actual results may differ materially from the results expressed or implied in these forward-looking statements, due to various risks, uncertainties or other factors. These factors include competition within the broadband communications industry, our ability to achieve anticipated subscriber and revenue growth, our success in implementing new services and other operating initiatives, our ability to generate sufficient cash flow to meet our debt service obligations and finance operations, and other risk factors described from time to time in Cox's filings with the Securities and Exchange Commission. Cox assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion