Cox Enterprises, Inc. announces pricing of Strypes Securities.ATLANTA--(BUSINESS WIRE)--May 23, 1996--Cox Enterprises, Inc., the privately-held majority owner of 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), today announced the pricing of an offering of 8.5 million 6.0% STRYPES (Structured Yield Product Exchangeable for Stock) due June 1, 1999. The STRYPES are obligations of 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., Inc. which are mandatorily exchangeable at maturity for stock of Cox Communications owned by Cox Enterprises Cox Enterprises is the successor to the publishing company founded in Dayton, Ohio, by James Middleton Cox, who began with the Dayton Daily News. The company is private, 98% controlled by the octogenarian daughter of Cox, Anne Cox Chambers, and the two children of her late , or the cash equivalent. The Merrill Lynch STRYPES offering was priced for sale at $22.875 with a threshold appreciation price of $27.91 per STRYPES. Cox Enterprises has entered into an agreement with Merrill Lynch pursuant to which it will commit to deliver to Merrill Lynch in 1999 up to 8.5 million shares of Cox Communications Class A Common Stock or the cash equivalent. Cox Enterprises will receive approximately $188.5 million from the offering, not including any proceeds from the exercise of a 15% over-allotment option. Cox Communications will not be issuing any new shares in connection with, and will not receive any proceeds from, the offering. Cox Enterprises beneficially owns 189,595,588 shares of the Class A Common Stock and 13,798,896 shares of the Class C Common Stock representing approximately 75.3% of the economic interest and 83.1% of the voting interest Voting interest in business and accounting is a percentage of voting stock owned. This notion is different from economic interest that refers to a percentage of all the equity issued, including preferred stock, warrants, and so on. in Cox Communications. Cox Enterprises will continue to beneficially own the shares subject to the forward purchase contract until maturity, at which time Cox Enterprises may deliver shares of Cox Communications or the cash equivalent to Merrill Lynch. Cox Communications is the nation's fifth largest multiple system operator, serving more than 3.3 million customers. Cox Communications is a fully integrated, diversified 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 interests in domestic and international cable distribution systems, programming and telecommunications technology. Headquartered in Atlanta, Cox Enterprises owns Cox Newspapers, Inc. (newspapers, direct mail marketing, book publishing book publishing. The term publishing means, in the broadest sense, making something publicly known. Usually it refers to the issuing of printed materials, such as books, magazines, periodicals, and the like. and online services) and Cox Broadcasting, Inc. (TV, radio, spot sales, production and research). It has majority ownership of Manheim Auctions, Inc. (wholesale auto auctions, dealer financial services, government auctions, online services and printed price guides) and Cox Communications. CONTACT: Cox Enterprises All Inquiries: Richard Jacobson Treasurer 404/843-5111 or Cox Communications Media Relations: Ellen East Director of Communications Director of Communications is a position in the private and public sectors. The Director of Communications is responsible for managing and directing an organization's internal and external communications. 404/843-5854 or Analysts/Investors: Dallas Clement Assistant Treasurer 404/843-5677 |
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