Exhibit A
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CONTACT: Eric Berman
Adam Weiner
David Lilly
at Kekst and Company
212-521-4800
or:
Raymond E. Dombrowski
Ogden Corporation
212-868-6000
FOR IMMEDIATE RELEASE
OGDEN RECEIVES CREDIT FACILITIES EXTENSION
NEW YORK, October 2, 2000 - Ogden Corporation (NYSE:OG) today announced that it
has reached agreement, subject to completion of definitive documentation, with
its revolving credit lenders and certain other banks to amend through the end of
November 2000 certain financial covenants of the Company's existing credit
facilities. This agreement extends through the end of November 2000 the facility
that was to mature on September 30, 2000, which facility is described in the
Company's first quarter 10-Q. The Company is in the process of obtaining, and
expects to receive, conforming amendments and extensions from the remainder of
its principal credit providers. During this extension, the Company expects to
complete negotiation and finalize documentation for a master credit facility
expected to mature on May 31, 2002.
* * *
Ogden Energy Group, a division of Ogden Corporation, is a global developer/owner
and operator of independent power projects and provides related infrastructure
services. On September 17, 1999, Ogden announced its intent to sell its
Entertainment and Aviation businesses to focus exclusively on its role as a
leading energy company. Ogden Water Systems, a wholly owned unit of Ogden Energy
Group, offers communities single-source design/build/operate services for water
and wastewater treatment infrastructure. Additional information about Ogden can
be obtained via the Internet at www.ogdencorp.com, or through the Company's
automated information system at (888) 643-3612.
Any statements in this communication, which may be considered to be "forward
looking statements," as that term is defined in the Private Securities
Litigation Reform Act of 1995, are subject to certain risk and uncertainties.
The factors that could cause actual results to differ materially from those
suggested by any such statements include, but are not limited to, those
discussed or identified from time to time in the Company's public filings with
the Securities and Exchange Commission and more generally, general economic
conditions, including changes in interest rates and the performance of the
financial markets; changes in domestic and foreign laws, regulations, and taxes;
changes in competition and pricing environments; and regional or general changes
in asset valuations.
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