FOR IMMEDIATE RELEASE
ATLANTIC EXPRESS TRANSPORTATION CORP.
ANNOUNCES RECEIPT OF CONSENT OF NOTE HOLDERS
Staten Island, New York, December 18, 2000 - Atlantic Express Transportation
Corp. (the "Company") announced today that it had received and accepted consents
from the holders of a majority of the outstanding principal amount of its
10 3/4% Senior Secured Notes due 2004 pursuant to the Company's Offer to
Purchase and Consent Solicitation Statement dated November 23, 2000 and the
related Consent and Letter of Transmittal. In accordance with the terms of the
Consent Solicitation, (1) the solicitation of consents has terminated as of 5
p.m. New York City time on December 18, 2000, (2) consents may no longer be
revoked and (3) holders who have not duly delivered their consents will not be
entitled to receive the Consent Payment as defined in the Offer to Purchase and
Consent Solicitation Statement.
Although the Consent Solicitation has now been completed, the Company's offer to
purchase up to $30,000,000 aggregate principal amount of its outstanding 10 3/4%
Senior Secured Notes due 2004 remains open in accordance with its original
terms. The offer to purchase and withdrawal rights will expire at 5 p.m. New
York City time on December 21, 2000, unless extended by the Company.
The offer, the payment of the purchase price for the Notes, the Consent
Solicitation and the payment of the consent fee remain subject to all of the
terms and conditions contained in the Offer to Purchase and Consent Solicitation
Statement and the related Consent and Letter of Transmittal, including the
contribution by the Company's parent of all of the outstanding stock of Atlantic
Transit, Corp., an additional equity contribution of $10 million from the
Company's parent and replacement of the Company's existing $30 million revolving
credit facility with a proposed new $125 million revolving credit facility.
Copies of the Offer to Purchase and Consent Solicitation Statement and related
materials are available from The Bank of New York, as depositary for the offer
and solicitation, by telephone at (212) 815-3750 or by facsimile at (212)
815-6339.
This announcement does not constitute an offer to purchase, or the solicitation
of offers to sell, any securities. The offer is only being made through the
Company's Offer to Purchase and Consent Solicitation and related materials.
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The Company is a wholly-owned subsidiary of Atlantic Express Transportation
Group Inc., the LARGEST AMERICAN-OWNED, AMERICAN-BASED SCHOOL BUS COMPANY,
operating approximately 6,500 vehicles from coast to coast with revenues in
excess of $400 million for the fiscal year ended June 30, 2000. Atlantic Express
is also one of the nation's largest providers of paratransit service, provides
express commuter line, charter and tour bus services, provides transportation
for pre-kindergarten and Medicaid recipients and sells school buses and
commercial vehicles in New Jersey and various counties in New York.
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For additional information, please contact:
Domenic Gatto, CEO/President -
Telephone: (718) 442-7000 ext. 8060.
Website: www.atlanticexpress.com
E-mail address: [email protected]
Information contained in his news release other than statements of historical
fact are forward-looking statements subject to various risks and uncertainties.
Although Atlantic believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such
expectations will prove correct. Factors that could cause the Company's results
to differ materially from the results in such forward-looking statements include
failure to obtain the requisite consent of holders of the Notes or the
unavailability of the new credit revolving facility as currently contemplated.
