FAIRFIELD, Conn.--(BUSINESS WIRE)--March 11, 2002--General Electric Company today announced that it has commenced a tender offer for all of the 11 1/2% Senior Discount Notes Due 2008, Series D, of Telemundo Holdings, Inc.
Under the terms of the offer, GE will pay a purchase price of $100.750 per $100 principal amount at maturity plus, if the settlement date is after April 9, 2002, an amount per $100 principal amount at maturity (rounded if necessary to the nearest $0.001) equal to $0.01013 per day for each calendar day from and including April 9, 2002 to but excluding the date we settle the offer. The purchase price includes an amount equal to 2% of the principal amount at maturity that GE will pay only for Notes tendered at or prior to a "consent payment deadline" and not subsequently withdrawn. GE expects this "consent payment deadline" to be 5:00 p.m., New York City time, on March 25, 2002.
In connection with the offer, GE is also seeking consents to various amendments to the Indenture under which the Notes were issued. These amendments will provide Telemundo with greater operational and financial flexibility following NBC's planned acquisition of Telemundo. The offer is conditioned on, among other things, completion of that acquisition as well as receipt of the requisite consents to adopt these amendments.
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. will act 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 an 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.
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CONTACT:
General Electric, Fairfield
David Frail, 203/373-3387