GAMCO Announces Offer to Purchase Any & All of the US$100 Million Aggregate Principal Amount of Its Outstanding 5.875% Senior...
November 18 2015 - 4:34PM
Business Wire
GAMCO Investors, Inc. (GAMCO) (NYSE:GBL) today announced the
commencement of its offer (the “Offer”) to purchase for cash up to
US$100 million aggregate principal amount of its outstanding 5.875%
Senior Notes due June 1, 2021 (the “Notes”) (CUSIP 361438AB0). The
Notes had an aggregate principal amount outstanding of
US$100,000,000 as of November 17, 2015.
GAMCO’s obligation to accept and pay for Notes validly tendered
in the Offer is subject to the satisfaction or waiver of certain
conditions. The Offer is being made pursuant to the offer to
purchase, dated November 18, 2015 (the “Offer to Purchase”), which
sets forth in more detail the terms and conditions of the
Offer.
The Offer will expire at 5:00 p.m., New York City time, on
December 17, 2015, unless extended or earlier terminated (such date
and time, as the same may be extended, the “Offer Expiration
Date”). Subject to the terms and conditions set forth in the Offer
to Purchase, holders of Notes that are validly tendered before the
Offer Expiration Date and accepted for purchase will receive $1,010
for each $1,000 principal amount of Notes tendered pursuant to the
Offer.
Payment for Notes validly tendered prior to the Offer Expiration
Date and accepted for purchase will be made on the settlement date,
which is anticipated to be December 18, 2015 (such date, unless the
Offer is extended, the “Settlement Date”). Payment for purchased
Notes will include accrued and unpaid interest from, and including,
the last interest payment date for the Notes up to, but not
including, the Settlement Date.
The obligation of GAMCO to accept for purchase, and to pay for
Notes validly tendered pursuant to the Offer, is subject to, and
conditional upon, the satisfaction or, where applicable, waiver of
a number of conditions described in the Offer to Purchase. GAMCO
reserves the right, in its sole discretion, to waive any one or
more of the conditions at any time.
The Bank of New York Mellon has been retained to serve as the
depositary with respect to the Offer.
Requests for copies of the Offer to Purchase and additional
information regarding the Offer and the tender of Notes may be
directed to GAMCO at (914) 921-5020.
Neither GAMCO nor the depositary make any recommendation as to
whether any holder of the Notes should tender or refrain from
tendering all or any portion of the principal amount of the Notes,
and no one has been authorized by any of them to make such a
recommendation. Holders must make their own decisions as to whether
to tender Notes, and, if so, the principal amount of Notes to
tender.
This press release is neither an offer to purchase nor a
solicitation to buy any of these Notes nor is it a solicitation for
acceptance of the Offer. GAMCO is making the Offer only by, and
pursuant to the terms of, the Offer to Purchase. The Offer is not
being made to (nor will tenders of Notes be accepted from or on
behalf of) holders of Notes in any jurisdiction in which the making
or acceptance thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction. This
announcement must be read in conjunction with the Offer to
Purchase.
ABOUT GAMCO INVESTORS, INC.
GAMCO Investors, Inc., through its subsidiaries, manages private
advisory accounts (GAMCO Asset Management Inc.), mutual funds and
closed-end funds (Gabelli Funds, LLC), and partnerships and
offshore funds (Gabelli Securities, Inc.). As of September 30,
2015, GAMCO had $39.6 billion in assets under management.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release, including without limitation
the anticipated consummation and successful completion of the Offer
(including the satisfaction of the conditions described in the
Offer to Purchase) and the possible amendment, extension or
abandonment of the Offer, contain information that may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally, the use of
terms such as “may,” “could,” “expect,” “intend,” “believe,”
“plan,” “estimate,” “forecast,” “project,” “anticipate,” “assumes”
and similar expressions identify forward-looking statements. All
statements that address operating performance, events or
developments that GAMCO expects or anticipates will occur in the
future are forward-looking statements. Although we believe that the
expectations set forth in the forward-looking statements are
reasonable, we can give no assurance that those expectations will
prove to have been correct. Those statements are made by using
various underlying assumptions and are subject to numerous
uncertainties and risks. If one or more of these risks materialize,
or if underlying assumptions prove incorrect, actual results may
differ materially from those set forth in the forward-looking
statements. In accordance with the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995, GAMCO has
included in its Annual Report on Form 10-K for the year ended
December 31, 2014, and subsequent Forms 10-Q and 8-K, cautionary
language identifying other important factors, though not
necessarily all such factors, that could cause future outcomes to
differ materially from those set forth in the forward-looking
statements. Any forward-looking statements speak only as of the
date of this press release. GAMCO expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based.
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version on businesswire.com: http://www.businesswire.com/news/home/20151118006693/en/
GAMCO Investors, Inc.Douglas R. Jamieson, 914-921-5020President
& Chief Operating OfficerorFor further information please visit
www.gabelli.com
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