STAMFORD, Conn., Jan. 27 /CNW/ -- Centerplate, Inc. (Amex: CVP; TSX:
CVP.un) today announced the completion of its previously announced merger with
an affiliate of Kohlberg & Company, L.L.C.
The unit holders of Centerplate voted to approve the proposed merger
agreement that the company entered into on September 18, 2008 and amended on
December 23, 2008 at a special meeting held today, January 27, 2009. Holders
of 50.65% of Centerplate's outstanding voting shares voted for the merger
agreement. As a result of the transaction, each issued and outstanding share
of Centerplate common stock was cancelled and converted automatically into the
right to receive $0.01 in cash.
As previously disclosed, in the related tender transaction, holders of
approximately $73,200,198 of the outstanding principal amount of the notes,
which represents 61.2% of the $119,596,334.10 outstanding principal amount of
the notes have tendered their notes and delivered consents. Each unit holder
who properly tendered their subordinated notes will receive $2.49 per note,
plus accrued and deferred interest. Centerplate has accepted all of the
tendered notes for payment.
Janet L. Steinmayer, President and CEO of Centerplate said, "We are
pleased that our unit holders have approved this transaction. We look forward
to working with Kohlberg to continue to provide the highest levels of customer
service to our clients."
As a result of the merger, Centerplate's income deposit security (IDS)
will no longer trade on the American Stock Exchange or the Toronto Stock
The subordinated notes not purchased in the tender offer will remain
outstanding and be governed by the terms of the indenture, as amended by the
Supplemental Indenture entered into on January 23, 2009. Interest on notes
that remain outstanding will be paid in cash, along with the deferred and
accrued interest on those notes, at the next regularly scheduled payment date
to holders of record.
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.
About Kohlberg & Company
Kohlberg & Company, L.L.C. is a leading private U.S. equity firm with
offices in Mt. Kisco, New York and Menlo Park, California. Since its
inception in 1987, Kohlberg has completed more than 90 platform and add-on
acquisitions as the control investor in a variety of industries including
manufacturing, healthcare, consumer products and service industries. Kohlberg
has invested a total of $2 billion in equity across six private equity funds
with aggregate transaction value of approximately $7 billion.
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, consumer spending levels, changing trends in our business
and competitive environment, the company's borrowing capacity, 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.
Director of Communications
For further information:
For further information: Gael Doar, Director of Communications of
Centerplate, Inc., +1- 203-975-5941, firstname.lastname@example.org Web Site: