Cendant Corporation (NYSE: CD) announced today that it has accepted for purchase and payment, pursuant to its offer to purchase all outstanding 7 ?% Notes due December 1, 2003 (the “Notes”) (CUSIP No. 151313AD5), all of the Notes which were validly tendered and not withdrawn as of the expiration of its offer at 5:00 p.m., Eastern Standard Time, on January 27, 2003.
According to the depositary for the offer, approximately $717 million principal amount of the outstanding Notes were validly tendered and not withdrawn. The holders of the tendered notes will receive $1,044.50 per $1,000 principal amount of Notes, in cash, plus accrued and unpaid interest on the Notes to, but not including, the date of payment, expected to be Tuesday, January 28, 2003. As a result, the aggregate cash payment made by Cendant for such Notes equals approximately $758 million.
With the acceptance of Notes tendered, approximately $229 million of the Notes remain outstanding and will mature on December 1, 2003.
This announcement does not constitute an offer with respect to any securities. The offer is subject to the terms and conditions set forth in the Offer to Purchase and the letter of transmittal dated January 16, 2003 that the Company furnished to the holders of the Notes.
Salomon Smith Barney and JPMorgan acted as dealer-managers for the tender offer. Questions concerning the terms of the tender offer may be addressed to Salomon Smith Barney at 1-800-558-3745 or JPMorgan at 1-866-834-4666. Questions related to the mechanics of the tender offer and requests for copies of the Offer to Purchase and other related documents may be obtained by contacting Mellon Investor Services LLC at 1-866-894-3618.
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.
Statements about future results made in this release constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Cendant`s Form 10-Q for the quarterly period ended September 30, 2002.