Atlantic Capital Trust, LLC Announces Preliminary Results, Extension of the Expiration Time and Reinstatement of Withdrawal Rights for its Debt Tender Offers
Philadelphia, PA, August 02, 2011 --(PR.com)-- Atlantic Capital Trust, LLC today announced preliminary results of its private offers to purchase for cash and solicitations of consents (the “tender offers”) with respect to its outstanding 5.881% Senior Secured Bonds due 2017 (CUSIP Nos. 973582 AA 7 and U97006 AA 5) (the “senior notes”) and with respect to its outstanding 6.927% Subordinated Secured Notes due 2016 (CUSIP No. 973582 AB 5) (the “subordinated notes” and, together with the senior notes, the “notes”).
As of 12:00 p.m., New York City time, on July 29, 2011, the original aggregate face amount of senior notes tendered and not withdrawn was $268,249,000, which represents 99.99% of the $268,500,000 original aggregate face amount of senior notes outstanding, and the original aggregate face amount of subordinated notes tendered and not withdrawn was $52,000,000, which represents 100% of the original aggregate face amount of subordinated notes outstanding.
Atlantic Capital Trust, LLC also announced today that it has extended the expiration time of the tender offers to 5:00 p.m., New York City time, on September 8, 2011.
In addition, Atlantic Capital Trust, LLC announced that it is amending the terms of the tender offers to reinstate withdrawal rights for a limited period to permit withdrawals of tendered notes and revocation of consents during the period (the “new withdrawal rights exercise period”) from August 1, 2011 until 5:00 p.m., New York City time, on August 3, 2011 (the “new withdrawal rights termination date”). Atlantic Capital Trust, LLC also announced that it reserves the right to further extend the expiration time for the tender offers in the future for up to an additional 60 days for any reason without granting any additional withdrawal rights.
The Consent Payment Deadline for the tender offers has not been amended, and occurred at 5:00 p.m., New York City time, on June 1, 2011. Only holders who validly tendered notes and delivered consents prior to the Consent Payment Deadline and do not withdraw them will be eligible to receive the Maximum Fixed Tender Price or the Make-Whole Price, which includes the Fixed Tender Consent Payment or the Make-Whole Consent Payment, respectively, as applicable. Holders of notes who have previously tendered notes, and do not wish to withdraw such tendered notes, do not need to take any action.
Atlantic Capital Trust, LLC’s obligation to accept for purchase and to pay for notes validly tendered and not withdrawn pursuant to the tender offers is subject to the satisfaction or waiver of certain conditions, which are more fully described in the tender documents.
Procedures for validly withdrawing tendered notes are set forth in the applicable offers to purchase under the caption “Withdrawal of Tenders and Revocation of Consents.” A valid withdrawal of tendered notes will constitute the concurrent valid revocation of such holder’s related consents.
Withdrawals of tendered notes may not be rescinded. Any notes validly withdrawn will thereafter be deemed not validly tendered for purposes of the tender offers. Validly withdrawn notes may, however, be retendered by following the applicable procedures described in the offers to purchase under the caption “Procedures for Tendering Notes and Delivering Consents” at any time on or prior to 5:00 p.m., New York City time, on September 8, 2011. However, holders that originally tendered notes prior to the Consent Payment Deadline, but validly withdraw such notes during the new withdrawal rights exercise period, will be eligible to receive only the Basic Fixed Tender Price or the Modified Make-Whole Price, as applicable, but not the Maximum Fixed Tender Price or the Make-Whole Price, for any notes they validly retender on or prior to September 8, 2011. Holders may not tender their notes pursuant to the tender offers without delivering the related consents and may not deliver consents without tendering their notes pursuant to the tender offers.
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As of 12:00 p.m., New York City time, on July 29, 2011, the original aggregate face amount of senior notes tendered and not withdrawn was $268,249,000, which represents 99.99% of the $268,500,000 original aggregate face amount of senior notes outstanding, and the original aggregate face amount of subordinated notes tendered and not withdrawn was $52,000,000, which represents 100% of the original aggregate face amount of subordinated notes outstanding.
Atlantic Capital Trust, LLC also announced today that it has extended the expiration time of the tender offers to 5:00 p.m., New York City time, on September 8, 2011.
In addition, Atlantic Capital Trust, LLC announced that it is amending the terms of the tender offers to reinstate withdrawal rights for a limited period to permit withdrawals of tendered notes and revocation of consents during the period (the “new withdrawal rights exercise period”) from August 1, 2011 until 5:00 p.m., New York City time, on August 3, 2011 (the “new withdrawal rights termination date”). Atlantic Capital Trust, LLC also announced that it reserves the right to further extend the expiration time for the tender offers in the future for up to an additional 60 days for any reason without granting any additional withdrawal rights.
The Consent Payment Deadline for the tender offers has not been amended, and occurred at 5:00 p.m., New York City time, on June 1, 2011. Only holders who validly tendered notes and delivered consents prior to the Consent Payment Deadline and do not withdraw them will be eligible to receive the Maximum Fixed Tender Price or the Make-Whole Price, which includes the Fixed Tender Consent Payment or the Make-Whole Consent Payment, respectively, as applicable. Holders of notes who have previously tendered notes, and do not wish to withdraw such tendered notes, do not need to take any action.
Atlantic Capital Trust, LLC’s obligation to accept for purchase and to pay for notes validly tendered and not withdrawn pursuant to the tender offers is subject to the satisfaction or waiver of certain conditions, which are more fully described in the tender documents.
Procedures for validly withdrawing tendered notes are set forth in the applicable offers to purchase under the caption “Withdrawal of Tenders and Revocation of Consents.” A valid withdrawal of tendered notes will constitute the concurrent valid revocation of such holder’s related consents.
Withdrawals of tendered notes may not be rescinded. Any notes validly withdrawn will thereafter be deemed not validly tendered for purposes of the tender offers. Validly withdrawn notes may, however, be retendered by following the applicable procedures described in the offers to purchase under the caption “Procedures for Tendering Notes and Delivering Consents” at any time on or prior to 5:00 p.m., New York City time, on September 8, 2011. However, holders that originally tendered notes prior to the Consent Payment Deadline, but validly withdraw such notes during the new withdrawal rights exercise period, will be eligible to receive only the Basic Fixed Tender Price or the Modified Make-Whole Price, as applicable, but not the Maximum Fixed Tender Price or the Make-Whole Price, for any notes they validly retender on or prior to September 8, 2011. Holders may not tender their notes pursuant to the tender offers without delivering the related consents and may not deliver consents without tendering their notes pursuant to the tender offers.
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Contact
Atlantic Capital Trust, LLC
Ashley Kittel
+1 215 583 1030
www.atlanticct.com
Ashley Kittel
+1 215 583 1030
www.atlanticct.com
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