FAIRFIELD, Conn,--(BUSINESS WIRE)--April 9, 2002--General Electric Company today announced that it has extended until 5:00 p.m., New York City time, on April 15, 2002, the tender offer relating to the 11 1/2% Senior Discount Notes due 2008, Series D (the "Notes"), of Telemundo Holdings, Inc. ("Telemundo Holdings").
The tender offer previously had been scheduled to expire at 5:00 p.m., New York City time, on April 8, 2002.
GE and its wholly-owned subsidiary, National Broadcasting Company, Inc., have entered into a definitive agreement to acquire Telemundo Communications Group, Inc. ("Telemundo"), the direct parent of Telemundo Holdings. The tender offer is conditioned on, among other things, the completion of the acquisition. GE expects to extend the tender 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.
As of April 8, 2002, all of the $293,891,000 in principal amount of the Notes outstanding had been tendered into the offer; however, the condition to the closing of the offer that the Telemundo acquisition be completed has not been satisfied. Since the consents necessary to adopt the amendments described in the offering materials were obtained, Telemundo Holdings has already executed a supplemental indenture containing those amendments (although those amendments will not become operative until the offer is closed).
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 Company, Fairfield
David Frail, 203/373-3387