Centerplate, Inc. Announces Successful Tender Offer and Execution of Supplemental Indenture
January 23 2009 - 9:10PM
PR Newswire (US)
Extends Expiration Date Of Tender Offer For Its 13.5% Senior
Subordinated Notes Due 2013 STAMFORD, Conn., Jan. 23
/PRNewswire-FirstCall/ -- Centerplate, Inc. (Amex: CVP; TSX:
CVP.un), announced today that it has, as of 5:00 p.m., New York
City time, on January 23, 2009, received the requisite consents
from the registered holders of its 13.5% Senior Subordinated Notes
due 2013 to execute the supplemental indenture to the indenture
governing the notes. Under the terms of the supplemental indenture,
the proposed amendments to the indenture will not become operative
unless and until Centerplate purchases validly tendered notes
pursuant to the related cash tender offer to purchase up to 70% of
the notes (the "Offer"). To date, holders of $72,231,768 of the
outstanding principal amount of the notes, which represents
approximately 60.4% of the $119,596,334.10 outstanding principal
amount of the notes, have tendered their notes and delivered
consents. As a result of the execution of the supplemental
indenture, tendered notes and delivered consents may no longer be
withdrawn or revoked. Centerplate has also announced that, in order
to allow additional note holders to tender their outstanding notes,
it has extended the expiration date of the Offer from 5:00 p.m. New
York City time, on January 23, 2009, to 5:00 p.m. New York City
time, on January 26, 2009, unless otherwise extended by
Centerplate. 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. If the percentage of outstanding
notes tendered pursuant to the Offer is greater than 70%,
Centerplate will accept for payment and purchase up to 70% of the
tendered notes on a pro rata basis. 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 of Centerplate,
+1-203-975-5941, Web Site: http://www.centerplate.com/
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