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Heafner Announces 100% Bondholder Consent and Execution of Supplemental Indentures

20 May 1999

Heafner Announces 100% Bondholder Consent and Execution of Supplemental Indentures

    CHARLOTTE, N.C.--May 20, 1999--Heafner Tire Group/J.H. Heafner Company announced today that it received consents from 100% of the holders of its Series B and Series C 10% Senior Notes Due 2008 (the "Notes") to certain proposed amendments to the Indentures governing the Notes as described in the Consent Solicitation Statement dated April 30, 1999, and that supplemental indentures incorporating such amendments have been executed by the Trustee.
    Heafner Tire Group is the country's largest independent marketer of tires and tire-related products. The Company includes Heafner Tires and Products and ITCO Tire, operating jointly as Heafner-Itco Tires & Products in the Southeast, and Competition Parts Warehouse (CPW), Winston Tire and California Tire in California and Arizona. It operates over 65 distribution centers and 210 retail tire and auto service stores, and has revenues in excess of $1 billion.