Hollywood Announces Results of Tender Offer For 9.625% Senior Subordinated Notes Due 2011
22 Aprile 2005 - 3:00PM
PR Newswire (US)
Hollywood Announces Results of Tender Offer For 9.625% Senior
Subordinated Notes Due 2011 PORTLAND, Ore., April 22
/PRNewswire-FirstCall/ -- Hollywood Entertainment Corporation
("Hollywood") (NASDAQ:HLYW) today announced the expiration of its
cash tender offer (the "Offer") to purchase any and all of its
outstanding 9.625% Senior Subordinated Notes due 2011 (the
"Notes"). The Offer expired at 5:00 p.m., New York City time, on
April 21, 2005 (the "Expiration Time"). As of the Expiration Time,
$224,550,000 aggregate principal amount of the Notes, or 99.8% of
the aggregate principal amount of Notes outstanding, were validly
tendered and not withdrawn. Subject to the satisfaction or waiver
of all conditions precedent to Hollywood's obligation to accept for
payment, and to pay for, the Notes validly tendered and not
withdrawn as set forth in the related Offer to Purchase for Cash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") including, 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"),
Hollywood intends to accept for payment, and to pay for,
$224,550,000 aggregate principal amount of the Notes on or about
April 27, 2005. Holders who validly tendered their Notes and
delivered their consents prior to the Consent Payment Deadline (as
defined in the Statement) will receive $1,142.13 per $1,000
principal amount of Notes validly tendered and accepted for
payment, which amount includes a consent payment of $30.00 per
$1,000 principal amount of the Notes. Holders who tendered after
the Consent Payment Deadline but on or prior to the Expiration Time
will receive $1,112.13 per $1,000 principal amount of Notes validly
tendered and accepted for payment. In addition, all holders of
Notes who tendered in the tender offer will receive accrued and
unpaid interest up to but not including the Payment Date (as
defined 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: Wachovia
Securities, +1-704-715-8341, or +1-866-309-6316; or MacKenzie
Partners, Inc., +1-212-929-5500, or 1-800-322-2885 for Hollywood
Entertainment
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