ESPH Announces Expiration of Consent Solicitations
16 September 1998
Environmental Systems Products Holdings Inc. Announces Expiration of Consent Solicitations for the Outstanding 9-1/8% Senior Notes Due 2001 and the Outstanding 9-5/8% Senior Subordinated Notes Due 2003 of Envirotest Systems Corp.
NEW YORK--Sept. 16, 1998--Environmental Systems Products Holdings Inc. ("ESPH") announced today that, as of 5:00 p.m., New York City time, on September 15, 1998, the consent solicitations relating to the outstanding 9-1/8% Senior Notes due 2001 (the "9-1/8% Notes") and the outstanding 9-5/8% Senior Subordinated Notes due 2003 (the "9-5/8% Notes", and together with the 9-1/8% Notes, the "Notes") of Envirotest Systems Corp. ("Envirotest") (AMEX:ENR) had expired. As of such time, ESPH had received tenders of Notes and related consents from holders of 97.7% of the 9-1/8% Notes and 99.75% of the 9-5/8% Notes.The total consideration to be paid for each $1,000 of validly tendered 9-1/8% Notes and properly delivered consent is $1,033.33. The total consideration to be paid for each $1,000 of validly tendered 9-5/8% Notes and properly delivered consent is $1,038.59.
In connection with the consent solicitation, ESPH intends to request Envirotest to promptly execute supplemental indentures providing for the proposed amendments to the indentures under which the Notes were issued, to be operative upon the expiration of the tender offers. The tender offers will expire at 11:59 p.m., New York City time, on September 30, 1998, unless otherwise extended.
Any questions concerning the tender offers and consent solicitations should be directed to Credit Suisse First Boston Corporation, the Dealer Manager and Solicitation Agent, MacKenzie Partners, Inc., the Information Agent, or U.S. Bank Trust National Association, the Depositary, at the telephone numbers set forth below:
Credit Suisse MacKenzie Partners, Inc. U.S. Bank Trust First Boston National Association Corporation
212-325-3290 212-929-5500 612-244-0721 800-221-1037 800-322-2885
This news release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offers are only made pursuant to the offering documents.
ESPH is a recently-formed holding company formed for the purposes of holding, directly or indirectly, all of the outstanding capital stock of Environmental Systems Products, Inc., a leading U.S. provider of automotive emissions testing and analysis equipment.