Ascent Capital Group and Monitronics International Reject Proposal From Purported ad Hoc Group of Term Loan Lenders and Purs...
04 Octubre 2018 - 7:27AM
Ascent Capital Group, Inc. (“Ascent”) (NASDAQ: ASCMA) and its
wholly owned subsidiary, Monitronics International, Inc. (“MONI”),
today announced that Ascent and MONI yesterday received and
rejected a counterproposal from an attorney purporting to represent
certain unidentified holders of an undisclosed and unsubstantiated
amount of MONI’s approximately $1.1 billion term loan (the “Term
Loan”).
MONI is currently soliciting consents from
holders of the Term Loan to implement the second lien exchange
offer contemplated in the previously disclosed transaction support
agreement (the “Support Agreement”), dated September 24, 2018,
among Ascent, MONI and holders of approximately 66% of MONI’s
9.125% Senior Notes due 2020. As previously disclosed, if the
requisite majority consents to amend the Term Loan are not
received, Ascent and MONI will instead implement the unsecured
exchange offer contemplated by the Support Agreement, which does
not require any consents from holders of the Term Loan.
The deadline for submitting consents to the Term
Loan amendment remains 5:00 p.m., New York City time, on October 4,
2018. The terms of the Term Loan amendment have not been
revised. Only Term Loan lenders who affirmatively consent to
the amendment by the deadline will be eligible to receive the
proposed 50 bps increase in interest rate spread and a share of the
proposed $100 million aggregate repayment.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any debt or equity
securities of Ascent or MONI, or any other securities, nor shall
there be any offer, solicitation or sale of any debt or equity
securities of Ascent or MONI or any other securities in any state
or other jurisdiction in which such an offer, solicitation or sale
would be unlawful.
Forward Looking Statements
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “believes,”
“estimates,” “anticipates,” “intends,” “expects,” “projects,”
“plans,” “seeks,” “may,” “will,” “would,” “should” and similar
expressions or, in each case, their negative or other variations or
comparable terminology may identify forward-looking statements.
These forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including
general market and economic conditions, changes in law and
government regulations and other matters affecting the business of
Ascent and MONI. These forward-looking statements speak only as of
the date of this press release, and Ascent and MONI expressly
disclaim any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement contained herein to
reflect any change in Ascent’s or MONI’s expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based. Please refer to the publicly
filed documents of Ascent and MONI, including the most recent Forms
10-K and 10-Q for additional information about Ascent and MONI and
about the risks and uncertainties related to Ascent’s business and
MONI’s business which may affect the statements made in this press
release.
About Ascent and Brinks Home
Security
Ascent Capital Group, Inc. (NASDAQ: ASCMA) is a
holding company whose primary subsidiary, Monitronics, operates as
Brinks Home Security™, one of the largest home security and alarm
monitoring companies in the U.S. Headquartered in the Dallas
Fort-Worth area, Brinks Home Security secures approximately 1
million residential and commercial customers through highly
responsive, simple security solutions backed by expertly trained
professionals. Brinks Home Security has the nation’s largest
network of independent authorized dealers - providing products and
support to customers in the U.S., Canada and Puerto Rico - as well
as direct-to-consumer sales of DIY and professionally installed
products.
Contact:Erica Bartsch Sloane
& Company212-446-1875ebartsch@sloanepr.com
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