Kerzner (NYSE:KZL)
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Kerzner International Limited (NYSE:KZL) (the
"Company"), through its subsidiaries, a leading international
developer and operator of destination resorts, casinos and luxury
hotels, and its wholly owned subsidiary, Kerzner International North
America, Inc. ("KINA"), announced today that they have extended the
expiration date of the tender offer and consent solicitation relating
to their 6 3/4% Senior Subordinated Notes due 2015 to 5:00 p.m., New
York City time, on August 31, 2006, unless extended to a later date or
terminated. As of 5:00 p.m., New York City time, on August 30, 2006,
tenders of and consents with respect to approximately 98.7% of the
aggregate outstanding principal amount of their notes were received,
according to The Bank of New York Trust Company, N.A., the Depositary.
The tender offer to purchase any and all of their outstanding
notes is being made pursuant to an Offer to Purchase and Consent
Solicitation Statement (the "Statement") and a related Letter of
Transmittal and Consent, each dated August 1, 2006. In conjunction
with the tender offer, the Company and KINA are soliciting consents to
proposed amendments to the indenture governing the notes that would
eliminate substantially all of the restrictive covenants and certain
events of default and related provisions contained in the indenture
governing the notes. Holders that tender their notes will be required
to consent to the proposed amendments, and holders that consent to the
proposed amendments will be required to tender their notes. Except for
the extension of the expiration date, all terms and conditions of the
tender offer and consent solicitation are unchanged and remain in full
force and effect.
Tenders of notes made after 5:00 p.m., New York City time, on
August 15, 2006, may be withdrawn at any time until 5:00 p.m., New
York City time, on the expiration date for the tender offer.
The tender offer is conditioned upon consummation of the
acquisition of the Company by an investor group and a minimum tender
condition, as well as other general conditions.
Copies of the tender offer and consent solicitation documents can
be obtained by contacting MacKenzie Partners, Inc., the Information
Agent for the tender offer and consent solicitation, at 800-322-2885
(toll free) and 212-929-5500.
Deutsche Bank Securities Inc. is acting as Dealer Manager for the
tender offer and Solicitation Agent for the consent solicitation.
Questions concerning the tender offer and consent solicitation may be
directed to Deutsche Bank Securities Inc., High Yield Capital Markets,
at 800-553-2826 (toll free).
This press release is not an offer to purchase nor a solicitation
of acceptance of the offer to purchase, which may be made only
pursuant to the terms of the Statement and the related Letter of
Transmittal and Consent. The consent solicitation is being made solely
by the Statement, and related documents (as may be amended from time
to time), and those documents should be consulted for additional
information regarding delivery procedures and the conditions of the
tender offer and consent solicitation.
This press release contains forward-looking statements, which are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties, including the risks and
uncertainties that are described in the Company's recent public
filings with the U.S. Securities and Exchange Commission.
Investor inquiries regarding the Company should be directed to
Omar Palacios at +1.242.363.6018. Media inquiries should be directed
to Lauren Snyder at +1.242.363.6018.