City Of Hercules Must Extend Tender To Avoid Default
PR Newswire
HERCULES, Calif., March 31, 2014
HERCULES, Calif., March 31, 2014 /PRNewswire/ — On March 5th the City launched a tender for its electric system revenue bonds in order to allow for a purchase of the system by PG&E. As of Friday, March 28th, which was the initial period of the tender, the City had not met the minimum tender amount which would be sufficient to pay off the bonds. As stated by the Phil Bachelor, the City’s Interim City Manager, “the city’s financial stability depends on retirement of these bonds, and we are running out of time”. As detailed in the tender memo, the bonds are expected to default if the tender fails.
The extension period runs to April 4, 2014 and information on the Tender Offer is available from:
BONDHOLDER COMMUNICATIONS GROUP, LLC
Attention: Carla Henderson
30 Broad Street, 46th Floor
New York, NY 10004
Call Toll Free: (888) 385-BOND or (888) 385-2663
Tel: (212) 809-2663
Fax: (212) 437-9827
E-mail: chenderson@bondcom.com
Website: www.bondcom.com/Hercules
This is not a solicitation to tender securities. The Tender Offer document and supplements to the document contain a complete description of the tender offer and must be reviewed prior to any decision by holders to tender their securities.
You can obtain additional copies of this document and other materials at www.bondcom.com/Hercules. Finally, your Financial Representative should be able to answer most questions concerning this Tender Offer.
Contact: Nickie Mastay, Finance Director
Phone: (510) 799-8222
Email: nmastay@ci.hercules.ca.us
SOURCE City of Hercules
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