GCI Offers to Purchase for Cash Any and All of its Outstanding 8.625% Senior Notes due 2019
March 24 2015 - 9:30AM
Anchorage, Alaska, March 24, 2015 - General
Communication, Inc. (Nasdaq: GNCMA) announced today the
commencement of a cash tender offer (the "Tender Offer") for any
and all of the outstanding 8.625% Senior Notes due 2019 (the
"Notes") issued by GCI, Inc. ("GCI"). The Tender Offer is
being made on and subject to the terms and conditions set forth in
the Offer to Purchase dated March 24, 2015 (the "Offer to
Purchase") and the related Letter of Transmittal (the "Letter of
Transmittal").
The Tender Offer will expire at
5:00 p.m., New York City time, on March 31, 2015, unless extended
or earlier terminated as described in the Offer to Purchase (such
time and date, as they may be extended, the "Expiration
Time"). Holders of Notes who validly tender (and do not
validly withdraw) their Notes at or prior to the Expiration Time,
or who deliver to the depository and information agent a properly
completed and duly executed Notice of Guaranteed Delivery at or
prior to the Expiration Time in accordance with the instructions
described in the Offer to Purchase, will receive in cash $1,047.44
per $1,000 principal amount of Notes validly tendered and accepted
for purchase (the "Purchase Price") payable for such tendered Notes
that are accepted by GCI for purchase in the Tender Offer, plus
accrued and unpaid interest to, but not including, the settlement
date, which is expected to be April 1, 2015, the business day
following the scheduled Expiration Time.
The following table sets forth the material
pricing terms of the Tender Offer:
Title of Security |
|
CUSIP Number/ISIN |
|
Principal Amount Outstanding |
|
Purchase Price |
8 5/8%
Senior Notes due 2019 |
|
CUSIP
Number: 36155W AF3 |
|
$425,000,000 |
|
$1,047.44 |
|
|
ISIN:
US36155W AF32 |
|
|
|
|
Tendered Notes may be withdrawn at
any time prior to the Expiration Time. The Tender Offer is
subject to the satisfaction or waiver of a number of conditions set
forth in the Offer to Purchase, including the receipt by GCI of
proceeds from a proposed debt financing on terms reasonably
satisfactory to GCI generating net proceeds in an amount that is
sufficient to effect the repurchase of the Notes validly tendered
and accepted for purchase pursuant to the Tender Offer, including
the payment of any premiums, accrued and unpaid interest to, but
not including, the settlement date, and expenses incurred in
connection therewith. GCI may amend, extend or terminate the
Tender Offer, in its sole discretion and subject to applicable
law. Subject to completion of such debt financing, GCI
intends to redeem any and all Notes that remain outstanding after
completion of the Tender Offer.
GCI has retained SunTrust Robinson
Humphrey to serve as the dealer manager for the Tender Offer.
GCI has appointed Global Bondholder Services Corporation ("GBS") to
serve as the depository and information agent for the Tender
Offer.
For additional information
regarding the terms of the Tender Offer, please contact SunTrust
Robinson Humphrey at (404) 926-5047 (collect). Questions
regarding the Tender Offer should be directed to GBS at (212)
430-3774 (banks and brokers) or (866) 470-4200 (all others).
Documents for the Tender Offer, including the Offer to Purchase,
Letter of Transmittal and Notice of Guaranteed Delivery, are
available at www.gbsc-usa.com/GCI/, and may also be obtained by
contacting GBS by telephone.
None of GCI, its board of
directors, the dealer manager, GBS or the trustee for the Notes, or
any of their respective affiliates, is making any recommendation as
to whether Holders should tender any Notes in response to the
Tender Offer. Holders must make their own decision as to
whether to tender any of their Notes and, if so, the principal
amount of Notes to tender.
This announcement is for
information purposes only and does not constitute an offer to buy
or the solicitation of an offer to sell securities. The
Tender Offer is being made solely by means of the Offer to Purchase
and the related Letter of Transmittal. In those jurisdictions
where the securities, blue sky or others laws require any tender
offer to be made by a licensed broker or dealer, the Tender Offer
will be deemed to be made on behalf of GCI by the dealer manager or
one or more registered brokers or dealers licensed under the laws
of such jurisdiction.
Contact
Tom Chesterman
(907) 868-1585
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: General Communication Inc via Globenewswire
HUG#1905717
Gci Liberty, Inc. (delisted) (NASDAQ:GNCMA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gci Liberty, Inc. (delisted) (NASDAQ:GNCMA)
Historical Stock Chart
From Jul 2023 to Jul 2024