Prospect Holding Company, LLC Announces Price And Expiration Of Cash Tender Offer For Its 10.25% Senior Notes Due 2018

08 Mar, 2016, 12:51 ET from Prospect Holding Company, LLC

SHERMAN OAKS, Calif., March 8, 2016 /PRNewswire/ -- Prospect Holding Company, LLC, a Delaware limited liability company (the "Company"), announced today that it has determined the price of the previously announced cash tender offer (the "Offer") by the Company and Prospect Holding Finance Company (the "Co-Issuer") for their outstanding 10.25% Senior Notes due 2018 (CUSIP numbers 74349CAA6 and U7432GAA2) (the "Notes") for a maximum aggregate purchase price (excluding accrued and unpaid interest) of up to $53,000,000 and that the Offer has expired. The complete terms and conditions of the Offer are set forth in the Offer to Purchase dated February 8, 2016 (the "Offer to Purchase"), and the related Letter of Transmittal. The Offer expired at midnight, New York City time, on Monday, March 7, 2016 (the "Expiration Date").

The price of tender offer consideration paid for Notes purchased in the Offer has been determined as $570 per $1,000 principal amount of Notes (the "Tender Offer Consideration"). As a result of the level of participation in the Offer, the Tender Offer Consideration was determined based on Notes tendered prior to 5:00 p.m., New York City time, on Monday, February 22, 2016 (the "Early Participation Date"). The Company has also paid $30 per $1,000 principal amount of Notes (the "Early Tender Payment") in respect of Notes purchased pursuant to the Offer that were validly tendered and not validly withdrawn at or prior to the Early Participation Date. The Company has also paid all accrued and unpaid interest on the Notes tendered and accepted pursuant to this Offer up to, but not including, the date hereof.

According to information provided by D. F. King & Co., Inc., the Information Agent and the Tender Agent for the Offer, $88,381,000 aggregate principal amount of the Notes were validly tendered at a Tender Offer Consideration of $570 and not validly withdrawn at or prior to the Expiration Date. In accordance with the terms of the Offer, the Company and the Co-Issuer have accepted for purchase $88,341,000 in aggregate principal amount of the Notes validly tendered and not validly withdrawn.

The Company engaged Houlihan Lokey Capital, Inc. to act as Dealer Manager and D. F. King & Co., Inc. to act as Information Agent and Tender Agent for the Offer.

This press release is for informational purposes only and the Offer was only being made pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. The Offer was not being made to Holders of Notes in any jurisdiction in which it is unlawful to make such Offer. None of the Company, the Co-Issuer, the Guarantors, the Trustee, the Dealer Manager or the Information Agent and Tender Agent made any recommendation as to whether or not Holders should tender their Notes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

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SOURCE Prospect Holding Company, LLC