CHICAGO, May 25 /PRNewswire/ -- Borg-Warner Security Corporation
(NYSE: BOR) today announced that it has received as of 5:00 p.m., New York
City time, on May 25, 1999, the requisite consents from the holders of
approximately $124.5 million principal amount, representing over 99% of the
outstanding $125,000,000 principal amount, of 9-5/8% Senior Notes due 2007 to
certain amendments to the indenture under which the notes were issued. The
notes are subject to the terms and conditions of Borg-Warner's fixed spread
tender offer, as set forth in the Offer to Purchase and Consent Solicitation
Statement dated May 12, 1999. The expiration date for the tender offer is
expected to be midnight, New York City time, on June 9, 1999, and holders of
the notes may continue to tender their notes up to that date. The purchase
price and consent payment for tendered notes will be paid in immediately
available funds on the first business day following expiration of the tender
offer (currently expected to be June 10, 1999). The Company intends to
execute a supplemental indenture promptly, that will become effective upon
execution by the trustee. The amendments to the indenture for which the
consents were solicited will not become operative unless and until Borg-Warner
accepts for payment the notes validly tendered.
Merrill Lynch & Co. and NationsBanc Montgomery Securities LLC are acting
as co-dealer managers, Beacon Hill Partners, Inc. is the information agent,
and The Bank of New York is the depositary. Persons with questions regarding
the tender offer and consent solicitation should contact either Merrill Lynch
& Co., 800-ML4-TNDR or NationsBank Montgomery Securities LLC at
888-292-0070.
Borg-Warner Security Corporation is North America's largest provider of
physical security and related services with 73,000 employees and more than 300
offices throughout the United States, Canada, the United Kingdom and Colombia.
The company offers a complete range of security solutions including armed and
unarmed physical security, foot and vehicle patrol, access control and
monitoring, background and drug screening, investigative services, contract
staffing and other specialized security services.
For a copy of this press release or for additional information on the
company, contact the company's web site at http://www.borg-warnersecurity.com
or http://www.prnewswire.com .
SOURCE Borg-Warner Security Corporation
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Related links:
http://www.Borg-WarnerSecurity.com
Company News On-Call:
http://www.prnewswire.com/comp/120940.html or fax,
800-758-5804, ext. 120940
CONTACT:
Jeff Cartwright of Borg-Warner Security
Corporation, 312-322-8836
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