AutoZone Announces Successful Tender Offer for Chief Auto Parts 10½% Senior Notes Due 2005
In addition, pursuant to a provision of the Indenture governing the Notes, upon a change in control of Chief Auto Parts, a Note holder may require that Chief Auto Parts repurchase the holder's Notes at a price equal to 101% of the principal value of the Notes repurchased, plus accrued and unpaid interest up to but not including the repurchase date. The right to require Chief Auto Parts to repurchase Notes under the change in control provision expired on August 19, 1998. Under this change in control provision, holders have validly tendered to Chief Auto Parts $540,000 aggregate principal amount of Notes. After combining the aggregate principal amount of Notes tendered pursuant to AutoZone's tender offer or for which notices of guaranteed delivery have been received, and the amount tendered to Chief Auto Parts pursuant to the change in control provision, an aggregate of $125,189,000 principal amount of Notes have been or will be tendered, representing 96.3% of the total principal amount of Notes outstanding.
Merrill Lynch & Co. and Goldman, Sachs & Co. were the Dealer Managers for the Offer and the Solicitation Agents for the Consent Solicitation. Beacon Hill Partners was the Information Agent.
AutoZone sells auto and light truck parts, chemicals and accessories in 38 states through 2,001 AutoZone stores as of May 9, 1998, plus 560 Chief stores acquired June 29, 1998. AutoZone also sells heavy-duty truck parts through 43 TruckPro stores in 14 states and automotive diagnostic and repair software through ALLDATA.