Hollywood Announces Pricing in Connection With Tender Offer and Consent Solicitation for 9.625% Senior Subordinated Notes Due 20
07 Aprile 2005 - 11:32PM
PR Newswire (US)
Hollywood Announces Pricing 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) today
announced the pricing for its offer to purchase for cash any and
all of its outstanding 9.625% Senior Subordinated Notes due 2011
(the "Notes") and related consent solicitation, commenced on March
24, 2005. The total consideration to be paid for each $1,000
principal amount of Notes validly tendered and accepted for payment
will be $1,142.13. The total consideration for each Note tendered
includes a consent payment of $30.00 per $1,000 principal amount of
the Notes to holders who validly tender their Notes and deliver
their consents prior to the Consent Payment Deadline (as defined in
the Statement described below), which is currently scheduled for
April 12, 2005. Holders tendering after the Consent Payment
Deadline but on or prior to the Expiration Time (as defined in the
Statement described below), which is currently scheduled for April
21, 2005, will receive $1,112.13 per $1,000 principal amount of
Notes validly tendered and accepted for payment. In addition,
holders of Notes who tender in the tender offer will receive
accrued and unpaid interest up to but not including the Payment
Date (as defined in the Statement described below). The purchase
price was fixed as of 10:00 a.m., New York City time, on April 7,
2005, based on the pricing formula set forth in the related 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 tender offer is scheduled to expire at 5:00
p.m., New York City time, on April 21, 2005, unless extended or
earlier terminated. Tendered Notes may not be withdrawn and
consents may not be revoked after the Withdrawal Deadline, which
will be the earlier of (i) the Consent Payment Deadline and (ii)
5:00 p.m., New York City time, on the business day following the
business day on which Hollywood issues a press release announcing
that it has obtained the consents from holders of at least a
majority in aggregate principal amount of the Notes, unless that
date is extended. 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 (as defined in the
Statement) 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. 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. 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. DATASOURCE: Hollywood
Entertainment Corporation CONTACT: MacKenzie Partners, Inc.,
+1-212-929-5500 or 1-800-322-2885
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