Dairy Mart evaluating notice from noteholders.ENFIELD, Conn.--(BUSINESS WIRE)--Sept. 28, 1995--Dairy Mart Convenience Stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. Inc. (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 : DMCVA and DMCVB DMCVB Denver Metro Convention and Visitors Bureau ) announced today that it has received notices from the holders of a majority of the outstanding principal amount of the company's senior subordinated notes due 2004 stating their belief that a change of control of the company and a consequent event of default have occurred under the indenture relating to the notes. Pursuant to the note indenture, following a change of control, the company is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to offer to repurchase all of the outstanding notes at 101 percent of their principal amount, together with all accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. . The outstanding notes have an aggregate principal amount of $75 million. The noteholders' notices relate to a change effected in the control of DM Associates Limited Partnership, the holder of a majority of the outstanding shares of Dairy Mart's Class B common stock. The noteholders also have requested and the company has agreed to pay the costs of legal counsel to be retained on behalf of the noteholders in connection with the foregoing matters. Gregory G. Landry, executive vice president and chief financial officer, said that the company is reviewing the notices with the assistance of counsel and will have no further comment at this time. CONTACT: Dairy Mart Stores Inc. No calls, please. |
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