Hollywood Entertainment (NASDAQ:HLYW)
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Hollywood Announces Withdrawal Deadline in Connection With Tender
Offer and Consent Solicitation for 9.625% Senior Subordinated Notes Due 2011
PORTLAND, Ore., April 7 /PRNewswire-FirstCall/ -- Hollywood Entertainment
Corporation ("Hollywood") (Nadsaq: HLYW) announced today that, in connection
with the previously announced tender offer and consent solicitation for any and
all of its $225,000,000 outstanding principal amount of 9.625% Senior
Subordinated Notes due 2011 (CUSIP No. 436141AJ4) (the "Notes"), it has
obtained the consents to the Proposed Amendments (as defined in the Statement
described below) from holders of at least a majority in aggregate principal
amount of the Notes. As described in the Offer to Purchase for Cash and
Consent Solicitation Statement dated March 24, 2005, as amended by the
Amendment to Offer to Purchase for Cash and Consent Solicitation Statement
dated April 6, 2005 (as amended, the "Statement"), the Withdrawal Deadline will
be 5:00 p.m., New York City time, on April 8, 2005. Tendered Notes may not be
withdrawn and consents may not be revoked after the Withdrawal Deadline.
The tender offer is scheduled to expire at 5:00 p.m., New York City time, on
April 21, 2005, unless extended or earlier terminated.
The obligation of Hollywood to accept for purchase and pay for the Notes in the
tender offer is conditioned on, among other things, the satisfaction or waiver
of all conditions precedent to the completion of the acquisition of Hollywood
by Movie Gallery, Inc. ("Movie Gallery") and the receipt of consents to the
Proposed Amendments from the holders of at least a majority of the aggregate
principal amount of outstanding Notes, each as described in more detail in the
Statement.
This announcement is neither an offer to purchase, nor a solicitation of an
offer to purchase, nor a solicitation of tenders or consents with respect to,
any Notes. The tender offer and the consent solicitation are being made solely
pursuant to the Statement and related Letter of Transmittal and Consent.
Hollywood has retained Wachovia Securities to serve as the dealer manager and
solicitation agent for the tender offer and the consent solicitation. Questions
regarding the tender offer and the consent solicitation may be directed to
Wachovia Securities at (704) 715-8341 or (866) 309-6316. Requests for
documents in connection with the tender offer and the consent solicitation may
be directed to MacKenzie Partners, Inc., the information agent, at (212)
929-5500 or (800) 322-2885.
DATASOURCE: Hollywood Entertainment Corporation
CONTACT: MacKenzie Partners, Inc., +1-212-929-5500, or 1-800-322-2885
for Hollywood Entertainment Corporation