Sep. 28, 2009 (PR Newswire) --
DULLES, Va., Sept. 28 /PRNewswire-FirstCall/ -- GeoEye, Inc. (Nasdaq: GEOY) announced today that it has received tenders and consents from the holders of $249.5 million in aggregate principal amount, or approximately 99.8 percent, of its outstanding $250 million Senior Secured Floating Rate Notes due 2012 (the "Notes") as of the expiration of the consent payment deadline, which was September 24, 2009, at 5:00 p.m., New York City time (the "Consent Deadline"). This is pursuant to its previously announced tender offer and consent solicitation.
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The consents received exceeded the number required to approve the proposed amendments to the indenture under which the Notes were originally issued. Because the Consent Deadline has passed, Notes tendered and consents given may not be validly withdrawn or revoked whether tendered or given prior to or after the Consent Deadline. The terms of the tender offer and consent solicitation for the Notes are detailed in GeoEye's Offer to Purchase and Consent Solicitation Statement dated September 11, 2009 (the "Offer to Purchase").
Under the terms of the Offer to Purchase, holders who tendered their Notes on or prior to the Consent Deadline will receive $1,070 per $1,000 in principal amount of the Notes validly tendered. Holders who tender their Notes after the Consent Deadline will receive $1,040 per $1,000 in principal amount of the Notes validly tendered. The tender offer is scheduled to expire at midnight, New York City time on October 8, 2009. GeoEye intends to redeem any Notes that remain outstanding after the expiration date of the tender offer on January 22, 2010 and to exercise its rights under the indenture to satisfy and discharge the indenture governing the Notes.
Based on the consents received on the Consent Deadline, GeoEye and the trustee under the indenture have entered into a supplemental indenture that will, once operative, eliminate substantially all of the restrictive covenants and certain event of default provisions and modify certain other provisions of the indenture. The supplemental indenture will become operative upon payment for Notes tendered on or prior to the Consent Deadline and accepted for purchase by GeoEye pursuant to the tender offer, which payment is expected to occur on or about October 9, 2009.
The tender offer is conditioned upon the satisfaction or waiver by GeoEye of certain conditions set forth in the Offer to Purchase.
