Bankrate, Inc. Announces Conditional Redemption of 11 3/4% Senior Secured
Notes Due 2015
NEW YORK, July 25, 2013
NEW YORK, July 25, 2013 /PRNewswire/ --Bankrate, Inc. (NYSE: RATE; the
"Company") today announced that it has delivered a Conditional Notice of Full
Redemption (the "Notice") to holders of its outstanding 11 ¾% Senior Secured
Notes Due 2015 (the "Notes"). The Notice called for redemption all of the
currently outstanding $195.0 million aggregate principal amount of Notes on
August 24, 2013 (the "Redemption Date"). The redemption is conditioned upon
the Company's completion of an offering of new senior unsecured notes (the
"New Notes") on or prior to the Redemption Date. The redemption price of the
Notes is 105.875% of the principal amount redeemed, plus accrued and unpaid
interest to but not including the redemption date. If the financing condition
is satisfied, the redemption date will be August 24, 2013. If the financing
condition is not satisfied, the Company may either withdraw and rescind the
Notice or extend the redemption date by up to thirty days. If the redemption
date is extended and the offering of the New Notes is not completed by such
extended redemption date, then the Notice will be deemed to have been
withdrawn and rescinded.
This press release is for informational purposes only and shall not constitute
an offer to purchase the Notes or any other securities, or an offer to sell
the New Notes or any other securities.
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator and distributor of personal
finance content on the Internet. Bankrate provides consumers with
proprietary, fully researched, comprehensive, independent and objective
personal finance editorial content across multiple vertical categories
including mortgages, deposits, insurance, credit cards, and other categories,
such as retirement, automobile loans, and taxes. The Bankrate network includes
Bankrate.com, our flagship website, and other owned and operated personal
finance websites, including, but not limited to, CreditCards.com,
Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com,
InsuranceQuotes.com, CarInsuranceQuotes.com, AutoInsuranceQuotes.com,
InsureMe.com, and NetQuote.com. Bankrate aggregates rate information from
over 4,800 institutions on more than 300 financial products. With coverage of
approximately 600 local markets in all 50 U.S. states, Bankrate generates over
172,000 distinct rate tables capturing, on average, over three million pieces
of information weekly. Bankrate develops and provides web services to over 75
co-branded websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the Internet such as Yahoo!,
CNN Money, CNBC and Comcast. In addition, Bankrate licenses editorial content
to over 100 newspapers on a daily basis including The Wall Street Journal, USA
Today, The New York Times, The Los Angeles Times and The Boston Globe.
This news release contains forward-looking statements that involve risks and
uncertainties. Statements that are not historical facts, including statements
about our beliefs and expectations, are forward-looking statements.
Forward-looking statements are based on management's current beliefs, as well
as assumptions made by, and information currently available to, management.
Because such statements are based on expectations as to future events and are
not statements of fact, actual results may differ materially from those
projected. The Company undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law. The risks and uncertainties which
forward-looking statements are subject to include, but are not limited to,
statements regarding the completion of the notes offering and the redemption
of the Notes, as well other risks detailed in the "Cautionary Statement
Concerning Forward-Looking Statements," "Risk Factors" and other sections of
the Company's Form 10-K and other filings with the SEC.
For more information contact:
Edward J. DiMaria
SVP, Chief Financial
Bruce J. Zanca
SVP, Chief Communications/Marketing Officer
SOURCE Bankrate, Inc.
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