CHICAGO, June 10 /PRNewswire/ -- Borg-Warner Security Corporation
(NYSE: BOR), announced today that its tender offer to purchase all of its
outstanding 9-5/8% Senior Subordinated Notes due 2007 expired at 11:59 p.m.,
New York City time, on Wednesday, June 9, 1999. As previously announced,
approximately $124,600,000 (99.7%) of the outstanding principal amount of the
Notes have been tendered. The purchase price and the total consideration per
$1,000 principal amount of Notes, assuming a payment date of June 10, 1999,
are respectively, $1,098.48 and $1,123.48 (of which $25.00 represents the
consent payment for the Notes). The Company intends to accept and make
payment on the Notes today. Upon the closing of the tender offer, in
accordance with the consent solicitation, certain amendments to the
indenture under which the Notes were issued will become operative.
Merrill Lynch & Co. and NationsBank Montgomery Securities LLC are acting
as Dealer Managers for the tender offer and the exclusive Solicitation Agents
for the consent solicitation. Questions or request for assistance may be
directed to Merrill Lynch & Co. (telephone: 888-654-8637) or NationsBank
Montgomery Securities LLC (telephone: 888-292-0070). Requests for
documentation may be directed to Beacon Hill Partners, Inc., the Information
Agent (telephone: 800-755-5001).
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.
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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