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CLUB CAR, INC., AMENDS CASH TENDER OFFER

 AUGUSTA, Ga., Oct. 1 /PRNewswire/ -- Club Car, Inc., announced today that its cash tender offer for all of the $83.8 million aggregate outstanding principal amount of its 14-1/2 percent senior notes due 1999 has been amended to increase the offer price to $1,090 per $1,000 principal amount, plus interest accrued through the payment date. Holders who have previously validly tendered their notes and whose notes are accepted for purchase pursuant to the offer will receive the increased offer consideration.
 As a result of the amendment, the offer and consent solicitation, which were scheduled to expire at midnight, New York City time, yesterday, have been extended and will now expire at midnight, New York City time, on Oct. 15, 1993, unless further extended.
 The company has been informed by its depositary, United States Trust Company of New York, that as of 5 p.m. yesterday, approximately $39,985,000 aggregate principal amount of notes had been tendered (and consents thereby delivered with respect thereto), and consents had been delivered with respect to approximately $37,040,000 aggregate principal amount of notes without tendering such notes.
 Such amounts for which consents have been received exceed the majority in principal amount of notes outstanding (excluding for such purposes any notes owned by the company or its affiliates) required to amend the indenture. The company therefore intends promptly to cause a supplemental indenture effecting the waiver, to allow the company to grant the liens contemplated by a new bank credit agreement without equally and ratably securing the notes, to be executed by the company and the trustee under the indenture. Upon the execution of the supplemental indenture, tendered notes and delivered consents may no longer be withdrawn, except as otherwise provided with respect to tendered notes in the Offer to Purchase and Consent Solicitation Statement previously distributed to holders. In addition, following such execution the company will no longer accept, or pay for, consents delivered without the concurrent tender of notes. Holders of notes who validly tender their notes (and thereby deliver a consent) prior to the final expiration date of the offer and consent solicitation and whose notes are accepted for purchase pursuant to the tender offer will, however, receive the consent payment of $7.50, in addition to the increased tender consideration of $1,090, per $1,000 principal amount of notes tendered.
 The company's obligation to complete the offer and consent solicitation is dependent upon certain conditions, including the consummation of a pending initial public offering of the company's common stock and the company's entering into a new bank credit agreement.
 Donaldson, Lufkin & Jenrette Securities Corporation and The First Boston Corporation are acting as dealer managers for the offer and consent solicitation.
 -0- 10/1/93
 /CONTACT: George H. Inman, chairman and chief executive officer of Club Car, Inc., 706-863-3000/


CO: Club Car, Inc. ST: Georgia IN: SU: OFR

TW -- NY013 -- 7647 10/01/93 08:46 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
Words:491
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