Coinmach (AMEX:DRY)
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From Dec 2019 to Dec 2024
Coinmach Service Corp. (AMEX: "DRY") (the "Company")
announced today that it has amended and supplemented its previously
announced cash tender offer (the "Tender Offer") for all of its
outstanding 11% Senior Secured Notes due 2024 (the "Notes"). The
Tender Offer commenced on January 5, 2006 and includes a related
consent solicitation to amend the indenture governing the Notes (the
"Proposed Amendments"). The Tender Offer is scheduled to expire on
February 3, 2006.
Pursuant to the Amendment and Supplement to Offer to Purchase and
Consent Solicitation Statement (the "Amended and Restated Statement")
dated January 17, 2006, the Company has amended and supplemented the
Offer to Purchase and Consent Solicitation Statement (the "Original
Statement") dated January 5, 2006 (and the letter of transmittal and
other materials initially delivered in connection with the Tender
Offer), as follows:
-- the deadline for holders who validly tender (and do not
withdraw) their Notes and validly deliver (and do not revoke)
their consents to receive an early tender premium has been
extended to 9:00 A.M., New York City time, on January 25, 2006
(the "Early Tender Payment Deadline");
-- the minimum aggregate principal amount of Notes that must be
tendered (and not withdrawn) as a condition to completion of
the Tender Offer (the "Minimum Tender Condition") has been
reduced to $30.0 million from $70.0 million;
-- by virtue of extending the Early Tender Payment Deadline, the
date on and after which holders may not, subject to limited
exceptions, withdraw previously tendered Notes and revoke
previously delivered consents has been extended to no earlier
than the Early Tender Payment Deadline;
-- the condition to completion of the Tender Offer that the
Company receive the requisite consents to adopt the Proposed
Amendments has been eliminated; and
-- the pro forma financial consolidated capitalization table and
pro forma consolidated financial data set forth in the
Original Statement has been revised to reflect the reduced
Minimum Tender Condition.
Jefferies & Company, Inc. is acting as the exclusive dealer
manager and consent solicitation agent for the Tender Offer. Copies of
the Original Statement and the Amended and Supplemented Statement may
be obtained from, and questions regarding the Tender Offer and the
consent solicitation may be directed to, the information agent,
MacKenzie Partners, Inc., which can be reached at (212) 929-5500
(collect) and toll-free at (800) 322-2885.
This press release is for informational purposes only and is not
an offer to purchase or a solicitation of an acceptance of the offer
to purchase with respect to any Notes. The offer or solicitation may
be made only pursuant to the terms of the Original Statement, as
amended and supplemented by the Amended and Supplemented Statement,
and the related letter of transmittal.
About Coinmach Service Corp.
Coinmach Service Corp., through its operating subsidiaries, is a
leading supplier of outsourced laundry equipment services for
multi-family housing properties in North America. The Company's core
business involves leasing laundry rooms from building owners and
property management companies, installing and servicing laundry
equipment and collecting revenues generated from laundry machines.
This press release may contain forward-looking statements that are
subject to certain risks, uncertainties and assumptions, including the
ability to satisfy the conditions to consummate the tender offer.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated, or projected. These
risks are described in the Company's filings with the Securities and
Exchange Commission (the "SEC") over the last 12 months, copies of
which are available from the SEC or may be obtained from the Company.