Glastonbury, Connecticut – (The Hosting News) – January 9, 2007 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., has initiated a cash tender offer for its Senior Subordinated Convertible Notes (the ”Notes”) due 2035.
Open Solutions is offering to purchase any and all outstanding Notes at a purchase price of $781.02 per $1,000 principal amount at maturity of the Notes. Each Note was issued at an original issue price of $533.36. In addition, tendering Note holders will be entitled to receive and retain the cash interest payable on their Notes on the next interest payment date of Feb. 2, 2007, in respect of any Notes which they held of record on Jan. 15, 2007, the relevant record date.
The tender offer is being made on the terms and conditions in the Offer to Purchase dated Dec. 21, 2006, (the Offer to Purchase) and related Letter of Transmittal (the Letter of Transmittal). The tender offer will expire at 12:00 midnight New York City time, on Jan. 22, 2007, unless Open Solutions chooses to extend or terminate the tender offer. Payments of the tender consideration for Notes validly tendered and not withdrawn prior to the expiration date and accepted for purchase will be made promptly after the expiration date. Open Solutions is making the tender offer in connection with the proposed merger of Harpoon Merger Corporation, an affiliate of The Carlyle Group and Providence Equity Partners Inc., with and into Open Solutions (the Merger). The tender offer is conditioned upon the consummation of the Merger.
Wachovia Securities is Dealer Manager for the tender offer. Questions regarding the tender offer may be directed to the Wachovia Securities Liability Management Group at (866) 309-6316 (toll free). D.F. King and Co., Inc. will act as the Information Agent and Tender Agent for the tender offer. Holders of the Notes can obtain more information regarding the tender offer and receive additional copies of documents related to the tender offer by contacting D.F. King and Co., Inc. at (800) 431-9642 (toll free) or (212) 269-5550.
Open Solutions Inc. offers a fully featured strategic product platform designed to integrate core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services are offered to banks, thrifts, credit unions and financial services providers in the United States and Canada.
For more information about Open Solutions, please visit: www.opensolutions.com.