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CLUB CAR, INC. ANNOUNCES TENDER OFFER FOR 14-1/2 PERCENT SENIOR NOTES

 AUGUSTA, Ga., Sept. 2 /PRNewswire/ -- Club Car, Inc. announced that it has commenced a cash tender offer to purchase all of its outstanding 14-1/2 percent senior notes due 1999 and a related consent solicitation to waive (by amendment) a covenant in the Indenture pursuant to which the notes were issued.
 Under the terms of the tender offer, the company is offering to purchase the notes at a price of $1,089.20 per $1,000 principal amount, plus interest accrued through the date of payment. Holders who validly tender notes will be deemed to have consented to the waiver to the indenture pursuant to the consent solicitation and, in addition to the purchase price paid for the notes, will receive a cash consent payment of $7.50 for each $1,000 principal amount of notes purchased pursuant to the offer. Holders may also deliver consents without tendering Notes and will receive a cash consent payment of $7.50 for each $1,000 principal amount of Notes for which consents are validly delivered.
 The offer and the consent solicitation will expire at midnight, New York City time, on Sept. 30, 1993, unless extended. Tenders of notes may be withdrawn (and the consents with respect to such notes thereby revoked), and consents delivered without tendering notes may be revoked, at any time until the date on which the company receives the consents of at least a majority in aggregate outstanding principal amount of the notes (other than notes owned by Club Car or by any of its affiliates) and executes the supplemental indenture effecting the waiver.
 The company's obligation to complete the tender 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. The waiver would amend a covenant in the Indenture to permit the company to grant the liens contemplated by such bank credit agreement without equally and ratably securing the notes as would otherwise be required by the terms of the Indenture.
 $83,800,000 aggregate principal amount of Notes are currently outstanding. Pursuant to the indenture relating to the notes, the company intends to redeem, on April 1, 1994, any outstanding notes not purchased pursuant to the offer at the then applicable redemption prices of $1,054.40 per $1,000 principal amount of notes, plus accrued interest through the redemption date.
 The company is one of the largest manufacturers of golf cars in the world.
 Donaldson, Lufkin & Jenrette Securities Corporation and The First Boston Corporation are acting as dealer managers for the offer and consent solicitation.
 -0- 9/2/93
 /CONTACT: George H. Inman, chairman and CEO of Club Car, 706-863-3000/


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

SH -- NY008 -- 8256 09/02/93 08:41 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
Words:475
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