Comverse Technology Inc. will extend until April 6, 2007 the expiration date of its previously announced cash tender offer for all of its outstanding Zero Yield Puttable Securities (ZYPSSM) Due May 15, 2023 (CUSIP Nos. 205862AK1 and 205862AL9) and New Zero Yield Puttable Securities (ZYPSSM) due May 15, 2023 (CUSIP No. 205862AM7) commenced in satisfaction of its obligations under the indentures governing the ZYPS. The tender offer will now expire at 5:00 p.m. New York City time on Friday, April 6, 2007, unless extended.
Tenders of ZYPS must be made prior to the extended expiration time of the offer to purchase and may be withdrawn at any time prior to that time. Holders of ZYPS who tendered their ZYPS prior to the date of this release are NOT required to submit a new Letter of Transmittal to tender their ZYPS. To date, approximately $9,000 principal amount of Old ZYPS and approximately $34,000 principal amount of New ZYPS have been tendered and deposited in the tender offer.
On March 2, 2007 the company commenced a cash tender offer for all of its outstanding ZYPS, upon the terms and conditions set forth in the Offer to Purchase and related Letter of Transmittal. The delisting of the company's common stock from The NASDAQ Global Market was a Designated Event under the Indentures governing the ZYPS, and in order to satisfy its obligations under the Indentures, the company is offering to purchase all of its outstanding ZYPS at a purchase price of $1,000 in cash for each $1,000 principal amount of ZYPS tendered. The Offer was originally scheduled to expire at 5:00 p.m., New York City time, on March 30, 2007, and is now being extended until 5:00 p.m. New York City time on Friday, April 6, 2007. In connection with the tender offer, the company filed with the Securities and Exchange Commission (“SEC”) a Tender Offer Statement on Schedule TO dated March 2, 2007. The Tender Offer Statement and related exhibits, including the Notice of Designated Event and Offer to Purchase and Letter of Transmittal are available through the company.
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