Discover Financial Services Announces Final Results of Exchange Offers
07 Maggio 2012 - 5:30PM
Business Wire
Discover Financial Services (the “Company”) (NYSE: DFS)
announced today the final results of its private offers to exchange
certain of its outstanding notes for new Senior Notes due 2022
(the “New Notes”) and cash (the “Exchange Offers”).
The Exchange Offers expired at 11:59 p.m., New York City time,
on May 4, 2012 (the “Expiration Date”).
Based on information provided by D.F. King & Co., Inc., the
exchange agent for the Exchange Offers, as of the Expiration Date,
$321,516,000 aggregate principal amount of 10.250% Senior Notes due
2019 (the “10.250% Notes”) had been validly tendered for exchange
and not validly withdrawn, representing approximately 80.38% of the
outstanding 10.250% Notes.
In accordance with the terms and conditions of the Exchange
Offers, the Company has accepted or will accept $321,516,000
aggregate principal amount of the 10.250% Notes that were tendered
for exchange. The Company expects final settlement to take place on
May 8, 2012.
The New Notes have not been and will not be registered under the
Securities Act of 1933 (the “Securities Act”) or any state
securities laws. Therefore, the New Notes may not be offered or
sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and any applicable state securities laws. The
Company has entered into a registration rights agreement with
respect to the New Notes.
This press release is not an offer to sell or a solicitation of
an offer to buy any security. The Exchange Offers are being made
solely by the confidential offering memorandum and related letter
of transmittal and only to such persons and in such jurisdictions
as is permitted under applicable law.
This press release contains certain statements that are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Actual outcomes and
results may differ materially from those expressed in, or implied
by, the Company’s forward-looking statements. Words such as
“expects,” “anticipates,” believes,” “estimates” and other similar
expressions or future or conditional verbs such as “will,”
“should,” “would” and “could” are intended to identify such
forward-looking statements. Forward-looking statements speak only
as of the date of this press release, and the Company undertakes no
obligation to update any forward-looking statement.
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