Centerplate, Inc. Announces Expiration of Tender Offer and Consent Solicitation
January 26 2009 - 7:56PM
PR Newswire (US)
Announces Expiration Of Tender Offer For Its 13.5% Senior
Subordinated Notes Due 2013 STAMFORD, Conn., Jan. 26
/PRNewswire-FirstCall/ -- Centerplate, Inc. (Amex: CVP; TSX:
CVP.un), announced today that the cash tender offer (the "Offer")
to purchase up to 70% of its 13.5% Senior Subordinated Notes due
2013 expired at 5:00 p.m., New York City time today. Holders of
$73,200,198 of the outstanding principal amount of the notes, which
represents approximately 61.2% of the $119,596,334.10 outstanding
principal amount of the notes, have tendered their notes and
delivered consents. If all of the tendered notes are accepted for
payment, $46,396,136.10 of notes would remain outstanding (which
represents the notes underlying 8,139,673 of Centerplate's
20,981,813 outstanding IDSs). The obligation of Centerplate to
accept for payment and purchase the notes in the Offer, is
conditioned upon, among other things, the consummation of the
proposed merger of Centerplate with an affiliate of Kohlberg &
Company, L.L.C., as described in more detail in the Offer to
Purchase and Consent Solicitation Statement dated December 23,
2008. If all conditions to the Offer and consent solicitation are
satisfied, holders of notes who validly tendered their notes
pursuant to the Offer and validly delivered their consents pursuant
to the consent solicitation and did not validly withdraw their
notes or revoke their consents will receive the offer
consideration, equal to $2.49 per note accepted for payment, plus
accrued and unpaid interest including any deferred interest. This
announcement is not an offer to purchase, a solicitation of an
offer to sell or a solicitation of consents with respect to any
securities. The full terms of the Offer and consent solicitation
are set forth in the Offer to Purchase and Consent Solicitation
Statement. UBS Investment Bank is the Dealer Manager and
Solicitation Agent for the Offer and consent solicitation.
Questions regarding the Offer and consent solicitation should be
directed to UBS at 888-719-4210 or 203-719-4210. Requests for
documents should be directed to MacKenzie Partners, Inc., the
Information Agent for the Offer and consent solicitation, at
800-322-2885 or 212-929-5500. About Centerplate Centerplate, with
its principal executive office in Stamford, CT, is a leading
provider of food and related services including concessions,
catering and merchandise services in more than 130 sports
facilities, convention centers and other entertainment venues
throughout the United States and Canada. Visit the company online
at http://www.centerplate.com/. Forward-Looking Statements This
news release includes forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act. These statements may involve risks and
uncertainties that could cause actual results to differ materially
from those described in such statements. Although Centerplate
believes that the expectations reflected in these forward-looking
statements are reasonable, the company can give no assurance that
these expectations will prove to have been correct or that they
will occur. Important factors beyond Centerplate's control,
including general economic conditions, the outcome of the company's
exploration of alternatives, consumer spending levels, changing
trends in our business and competitive environment, the company's
borrowing capacity and the provisions of the credit agreement, the
provisions of the indenture, adverse weather conditions and other
factors, as well as the risks identified in our most recent annual
report on Form 10-K and other filings with the Securities and
Exchange Commission could cause actual results to differ materially
from Centerplate's expectations. Centerplate undertakes no
obligation to update or review any forward-looking statement,
whether as a result of new information, future developments or
otherwise. Contact Information Gael Doar Director of Communications
203-975-5941 DATASOURCE: Centerplate, Inc. CONTACT: Gael Doar,
Director of Communications for Centerplate, Inc., +1-203-975-5941,
Web site: http://www.centerplate.com/
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