FAIRFIELD, Conn.--(BUSINESS WIRE)--April 16, 2002--General Electric Company today announced that it has successfully completed the tender offer relating to the 11 1/2% Senior Discount Notes due 2008, Series D (the "Notes"), of Telemundo Holdings, Inc. ("Telemundo Holdings").
As of 5:00 p.m., April 15, 2002, the scheduled expiration date, GE had accepted tenders of Notes from holders of 100.0% of the $293,891,000 in principal amount of Notes outstanding.
The total consideration for each $100 principal amount of Notes validly tendered was $100.821, which included a consent payment of 2% of the principal amount at maturity of Notes. Payment for the notes and consent payments was made on April 16, 2002.
As previously announced, GE and its wholly-owned subsidiary, National Broadcasting Company, Inc., completed their Telemundo Communications Group, Inc. ("Telemundo"), the direct parent of Telemundo Holdings, on Friday, April 12, 2002. Completion of the acquisition was a condition to the closing of the tender offer.
As previously announced, the consent solicitation relating to the Notes expired on March 25, 2002, at which time all of the $293,891,000 in principal amount of the Notes outstanding had been tendered into the offer. The consents were solicited to effect certain amendments to the indenture governing the Notes. The supplemental indenture containing the amendments, which was executed upon achievement of the requisite consents, became operative upon completion of the offer.
Goldman, Sachs & Co. acted as Dealer Manager for the offer. The Information Agent was Morrow & Co., Inc. and the Depositary was The Bank of New York.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes. The offer is made only by the Offer to Purchase and Consent Solicitation Statement dated March 11, 2002. Persons with questions regarding the offer should contact the Information Agent at (800) 654-2468 (for banks and brokerage firms) or (800) 607-0088 (for Noteholders) or the Dealer Manager at 800-828-3182.
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including with respect to the completion of the tender offer and the contemplated acquisition of Telemundo Holdings. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although GE believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct, including that either the tender offer or contemplated acquisition will be completed.
GE (NYSE:GE) is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs approximately 310,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
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