Centerplate, Inc. Announces Successful Tender Offer and Execution of Supplemental Indenture



    Extends Expiration Date Of Tender Offer For Its 13.5% Senior Subordinated
Notes Due 2013
    

    
    STAMFORD, Conn., Jan. 23 /CNW/ -- Centerplate, Inc. (Amex:   CVP; TSX:
CVP.un), announced today that it has, as of 5:00 p.m., New York City time, on
January 23, 2009, received the requisite consents from the registered holders
of its 13.5% Senior Subordinated Notes due 2013 to execute the supplemental
indenture to the indenture governing the notes. Under the terms of the
supplemental indenture, the proposed amendments to the indenture will not
become operative unless and until Centerplate purchases validly tendered notes
pursuant to the related cash tender offer to purchase up to 70% of the notes
(the "Offer").  To date, holders of $72,231,768 of the outstanding principal
amount of the notes, which represents approximately 60.4% of the
$119,596,334.10 outstanding principal amount of the notes, have tendered their
notes and delivered consents.  As a result of the execution of the
supplemental indenture, tendered notes and delivered consents may no longer be
withdrawn or revoked.
    

    
    Centerplate has also announced that, in order to allow additional note
holders to tender their outstanding notes, it has extended the expiration date
of the Offer from 5:00 p.m. New York City time, on January 23, 2009, to 5:00
p.m. New York City time, on January 26, 2009, unless otherwise extended by
Centerplate.
    

    
    The obligation of Centerplate to accept for payment and purchase the
notes in the Offer, is conditioned upon, among other things, the consummation
of the proposed merger of Centerplate with an affiliate of Kohlberg & Company,
L.L.C., as described in more detail in the Offer to Purchase and Consent
Solicitation Statement dated December 23, 2008.  If all conditions to the
Offer and consent solicitation are satisfied, holders of notes who validly
tendered their notes pursuant to the Offer and validly delivered their
consents pursuant to the consent solicitation and did not validly withdraw
their notes or revoke their consents will receive the offer consideration,
equal to $2.49 per note accepted for payment, plus accrued and unpaid interest
including any deferred interest.  If the percentage of outstanding notes
tendered pursuant to the Offer is greater than 70%, Centerplate will accept
for payment and purchase up to 70% of the tendered notes on a pro rata basis.
    

    
    This announcement is not an offer to purchase, a solicitation of an offer
to sell or a solicitation of consents with respect to any securities.  The
full terms of the Offer and consent solicitation are set forth in the Offer to
Purchase and Consent Solicitation Statement.
    

    
    UBS Investment Bank is the Dealer Manager and Solicitation Agent for the
Offer and consent solicitation.  Questions regarding the Offer and consent
solicitation should be directed to UBS at 888-719-4210 or 203-719-4210.
    Requests for documents should be directed to MacKenzie Partners, Inc.,
the Information Agent for the Offer and consent solicitation, at 800-322-2885
or 212-929-5500.
    

    About Centerplate

    
    Centerplate, with its principal executive office in Stamford, CT, is a
leading provider of food and related services including concessions, catering
and merchandise services in more than 130 sports facilities, convention
centers and other entertainment venues throughout the United States and
Canada. Visit the company online at www.centerplate.com.
    

    Forward-Looking Statements

    
    This news release includes forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act. These statements may involve risks and uncertainties that could
cause actual results to differ materially from those described in such
statements. Although Centerplate believes that the expectations reflected in
these forward-looking statements are reasonable, the company can give no
assurance that these expectations will prove to have been correct or that they
will occur. Important factors beyond Centerplate's control, including general
economic conditions, the outcome of the company's exploration of alternatives,
consumer spending levels, changing trends in our business and competitive
environment, the company's borrowing capacity, and the provisions of the
credit agreement, the provisions of the indenture, adverse weather conditions
and other factors, as well as the risks identified in our most recent annual
report on Form 10-K and other filings with the Securities and Exchange
Commission could cause actual results to differ materially from Centerplate's
expectations. Centerplate undertakes no obligation to update or review any
forward-looking statement, whether as a result of new information, future
developments or otherwise.
    

    

    
    Contact Information:
    Gael Doar
    Director of Communications
    203-975-5941
    gael.doar@centerplate.com



    




For further information:

For further information: Gael Doar, Director of Communications of
Centerplate, +1-203-975-5941, gael.doar@centerplate.com Web Site:
http://www.centerplate.com

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