FAIRFIELD, Conn.--(BUSINESS WIRE)--March 26, 2002--General Electric Company today announced that, as of 5:00 p.m., New York City time, on March 25, 2002, the consent solicitation relating to the 11 1/2% Senior Discount Notes due 2008, Series D of Telemundo Holdings, Inc. ("Telemundo Holdings") had expired.
As of such time, GE had received tenders of notes and related consents from 100% of the holders of the $293,891,000 outstanding Notes pursuant to the tender offer and consent solicitation commenced on March 11, 2002.
GE and its wholly-owned subsidiary, National Broadcasting Company, Inc., have entered into a definitive agreement to acquire Telemundo Communications Group, Inc., the direct parent of Telemundo Holdings. The amendments will provide Telemundo with greater operational and financial flexibility following NBC's planned acquisition of Telemundo.
Upon achievement of the requisite consents, Telemundo Holdings and the trustee under the indenture are executing and delivering a supplemental indenture containing the amendments. The amendments will not become operative until the notes are accepted for purchase in accordance with the terms of the tender offer. The tender offer is conditioned on, among other things, the completion of the acquisition.
As previously announced, the offer will expire at 5:00 p.m., New York City time, on April 8, 2002, unless extended or earlier terminated. GE expects to extend the offer from time to time as necessary until NBC completes its acquisition of Telemundo.
GE will pay for tendered Notes in same day funds on the first business day following expiration of the offer, or as soon thereafter as practicable. Goldman, Sachs & Co. is acting as Dealer Manager for the offer. The Information Agent is Morrow & Co., Inc. and the Depositary is 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.
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CONTACT:
General Electric, Fairfield
David Frail, 203/373-3387