Sep. 11, 2009 (PR Newswire) --
DULLES, Va., Sept. 11 /PRNewswire-FirstCall/ -- GeoEye, Inc. (Nasdaq: GEOY) today announced that it has commenced a cash tender offer (the "Tender Offer") to purchase any and all of its outstanding $250.0 million aggregate principal amount of Floating Rate Senior Secured Notes due 2012 (the "Notes"). In conjunction with the Tender Offer, GeoEye is also soliciting consents (the "Consent Solicitation" and together with the Tender Offer, the "Offer") to adopt certain proposed amendments to the indenture under which the Notes were issued that would eliminate substantially all of the restrictive covenants and certain event of default provisions and modify certain other provisions. The Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated Sept. 11, 2009.
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The Offer is scheduled to expire at midnight, New York City time, on Oct. 8, 2009, unless extended or earlier terminated (the "expiration date"). The total consideration for each $1,000 principal amount of Notes tendered and accepted for payment will be $1,070, which includes the consent payment of $30 per $1,000 principal amount of Notes. In order to receive the total consideration, holders of Notes must tender and not withdraw their Notes and deliver and not revoke their corresponding consents on or prior to the consent deadline, which is 5:00 p.m., New York City time, on Sept. 24, 2009, unless extended or earlier terminated. Holders of Notes who tender their Notes after the consent deadline and on or prior to the expiration date will only receive the tender offer consideration of $1,040 per $1,000 principal amount of Notes, which is the total consideration minus the consent payment. In addition to the total consideration or the tender offer consideration, as applicable, holders of Notes that are purchased in the Offer will receive accrued and unpaid interest from the most recent interest payment date on the Notes to, but not including, the applicable settlement date. Holders of approximately 64% of the outstanding principal amount of Notes have indicated that they intend to tender their Notes and deliver consents prior to the consent deadline.
Holders of Notes who desire to tender their Notes must consent to the proposed amendments and holders may not deliver consents to the proposed amendments without tendering their related Notes. A holder of Notes may not revoke its consent without withdrawing the Notes tendered pursuant to the Offer.
