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E-470 Public Highway Authority Announces Modified Dutch Auction Tender Offer for Its Senior Revenue Bonds

September 16, 2010

DENVER, Sept. 16 /PRNewswire/ — E-470 Public Highway Authority (the “Authority”), is offering to purchase for cash, upon the terms and subject to the conditions set forth in the Invitation to Tender Bonds dated September 16, 2010 (the “Invitation”), and the related Questions and Answers dated September 16, 2010 (the “Questions and Answers”) (collectively, the “Offer”), all of the outstanding Bonds referenced below (collectively the “Bonds”). Capitalized terms used but not defined herein have the meanings assigned to them in the Invitation.

                               E-470 Public Highway Authority
                                    Senior Revenue Bonds
                               Principal Amount
     Series     Maturity Date         or        Interest Rate or  CUSIP No.*
     ------     -------------   Maturity Value     Approximate    ----------
                                                     Yield to
                                --------------       Maturity
                                                    ---------
     2007A-2 September 1, 2039      $52,200,000             5.00% 26822LJJ4
     2007B-2 September 1, 2039      $52,200,000             5.00% 26822LJV7
     2007C-2 September 1, 2039      $52,200,000             5.00% 26822LKG8
     2007D-2 September 1, 2039      $52,165,000             5.00% 26822LKT0
      1997A  September 1, 2012       $6,455,000             5.75% 26822LAC8
      1997A  September 1, 2013      $11,365,000             5.75% 26822LAD6
      1997A  September 1, 2014      $14,700,000             5.75% 26822LAE4
      1997B  September 1, 2011      $37,185,000             5.20% 26822LAW4
      1997B  September 1, 2012      $44,795,000             5.25% 26822LAX2
      1997B  September 1, 2013      $44,795,000             5.30% 26822LAY0
      1997B  September 1, 2014      $44,795,000             5.35% 26822LAZ7
      1997B  September 1, 2015      $44,795,000             5.40% 26822LBA1
      -----  -----------------      -----------             ----  ---------

Subject to the terms of the Offer, the Authority will purchase the Bonds of each maturity of each Series at separate purchase prices per $1,000 principal amount or, in the case of Series 1997B Bonds, per $5,000 maturity value determined in accordance with a “Modified Dutch Auction” procedure, plus Accrued Interest to, but not including, the date that payment for such Bonds is made by the Authority or, in the case of the 1997B Bonds, the Additional Accreted Value, if payable. The Offer will expire at 5:00 p.m. (New York City time), on October 13, 2010, unless extended (the “Expiration Date”).

Tendered Bonds may be withdrawn at any time on or prior to 5:00 p.m., New York City time, on the Expiration Date.

The Authority has retained Morgan Stanley & Co. Incorporated to act as the dealer manager for the Offer. D.F. King & Co., Inc. is the Information and Tender Agent for the Offer. Institutional investors with questions about the Offer should contact Morgan Stanley & Co. Incorporated at (303) 825-3063 or (212) 762-7405. Individual investors and their brokers and account executives with questions about the Offer, and any requests for documentation may be directed to D.F. King & Co., Inc. at (800) 829-6551 (toll-free) or (212) 269-5550 (collect). Documents are also available on the Information and Tender Agent’s website at: www.dfking.com/publichighway.

This press release is for informational purposes only. This press release is not an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any Bonds. The Offer is being made solely pursuant to the Invitation, the Questions and Answers and related documents. The Offer is not being made to holders of Bonds 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. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Authority by the Dealer Manager or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

* CUSIP is a registered trademark of American Bankers Association. CUSIP data herein is provided by Standard and Poor’s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. CUSIP data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service. None of the Issuer, the Dealer Manager or the Information and Tender Agent makes any representation as to, or takes any responsibility for, the accuracy of such CUSIP numbers. CUSIP numbers are provided for convenience of reference only.

Forward-Looking Statements

This press release contains statements of a forward-looking nature that represent the Authority’s beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties, and assumptions, including the risk that the offers described above will not be completed or will be completed on terms other than those described, and are based on information currently available to the Authority. Actual results may differ materially from those expressed in the forward-looking statements due to many factors. All forward-looking statements are expressly qualified by such cautionary statements, and the Authority undertakes no obligation to update such forward-looking statements.

SOURCE E-470 Public Highway Authority


Source: newswire



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