Brand Services, Inc. Announces Results of Tender Offer and Consent Solicitation With Respect to Outstanding 12% Senior Subordinated Notes Due 2012
KENNESAW, Georgia (February 7, 2007) --- Brand Services, Inc. (the “Company”) announced today the expiration of its tender offer and consent solicitation (the “Offer”) for any and all of its outstanding 12% Senior Subordinated Notes due 2012, which commenced May 9, 2006. The Offer expired at 5:00 p.m., New York City time, on February 6, 2007 (the “Expiration Date”). As of the Expiration Date, $149,001,000 aggregate principal amount of the notes, or approximately 99.33% of the aggregate principal amount of notes outstanding, were validly tendered and not withdrawn. The Company accepted for payment, and paid for, $149,001,000 aggregate principal amount of the notes today (the “Payment Date”).
Holders who validly tendered their notes and delivered their consents prior to the Consent Date (as defined in the offer to purchase and consent solicitation statement) received $1,100.65 per $1,000 principal amount of notes validly tendered and accepted for payment, which amount included a consent payment of $30.00 per $1,000 principal amount of the notes. Holders who tendered after the Consent Date but on or prior to the Expiration Date received $1,070.65 per $1,000 principal amount of notes validly tendered and accepted for payment. In addition, all holders of notes who tendered in the tender offer received accrued and unpaid interest up to, but not including, the Payment Date.
This announcement is neither an offer to purchase, nor a solicitation of an offer to purchase, nor a solicitation of tenders or consents with respect to, any notes.
This press release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements give our current expectations and projections relating to the financial condition, results of operations, plans, objectives, future performance and business of the Company and its subsidiaries. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “believe,” “estimate,” “could,” “expect,” “future,” “intend,” “plan,” “predict,” “project,” “will” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Our future results could differ materially from those expected or anticipated in the forward-looking statements.