The recapitalization will result in a change of control of CAF Holdings. In connection with the recapitalization, CAF intends to make a tender offer and consent solicitation for its 10% Senior Subordinated Notes due 2007, which will be subject to a number of conditions, including consummation of the transactions contemplated by the recapitalization agreement.
Credit Suisse First Boston Corporation will act as the dealer manager for the offer. CSFB also acted as exclusive financial advisor to CAF Holdings in connection with the recapitalization. The transaction is anticipated to close Q1, 2001.