Livingston International Inc. Announces Receipt of Requisite Consents Regarding Its Tender Offer and Consent Solicitation for Notes

TORONTO, March 19, 2013 /CNW/ - Livingston International Inc. ("Livingston") announced today the expiration of the early participation period for the tender offer for its $135,000,000 principal amount of 10.125% Senior Unsecured Notes due in 2015 (the "Notes") and the solicitation of consents to certain proposed amendments to the indenture governing the Notes.  As of 5:00 p.m., Toronto time, March 19, 2013, which was the early participation deadline and expiration of the consent solicitation, Livingston had received consents to the proposed amendments from holders of approximately 97.5% of the aggregate principal amount of the outstanding Notes (as reported by the depositary).  Accordingly, Livingston has received the requisite consents of at least a majority of the principal amount of the Notes to adopt the proposed amendments to the indenture.  The proposed amendments, which will eliminate or modify substantially all of the restrictive covenants, certain of the event of default provisions and certain other provisions in the indenture, are described in more detail in the Offer to Purchase and Consent Solicitation Statement dated March 5, 2013 and the related Consent and Letter of Transmittal (collectively, the "Offer Documents").  Capitalized terms used but not otherwise defined in this release have the respective meanings ascribed to them in the Offer Documents.

Following receipt of the consents described above, Livingston, certain of its subsidiaries and Computershare Trust Company of Canada, as trustee, executed a supplemental indenture to the indenture governing the Notes providing for the proposed amendments to the indenture.  Accordingly, the supplemental indenture condition to the tender offer has been satisfied.  These amendments will not become operative until the date that Livingston accepts for purchase and pays for the Notes that are validly tendered in the tender offer.

The obligation of Livingston to accept for payment and purchase the Notes in the tender offer remains conditioned on, among other things, the consummation by Livingston of new credit facilities in a principal amount and on terms and conditions satisfactory to Livingston, in its sole discretion, as described in more detail in the Offer Documents.  If any of the tender offer conditions are not satisfied or waived, Livingston will not be obligated to accept for payment any Notes tendered pursuant to the tender offer or may terminate the tender offer.

Although the early participation period has expired, holders may still validly tender their Notes pursuant to the tender offer prior to 5:00 p.m., Toronto time, April 4, 2013, which is the tender offer expiration date (which may be extended by Livingston) for payment of the Offer Consideration as described in the Offer Documents.  However, holders tendering their Notes after the expiration of the early participation period will no longer be entitled to receive the Consent Payment of $30.00 per $1,000 principal amount of Notes tendered.  Holders who have not yet tendered their Notes are urged to read the Offer Documents.  Livingston intends to announce its calculation of the Total Consideration and Offer Consideration on April 2, 2013, using the methodology described in the Offer Documents.

Notes tendered and related consents delivered prior to 5:00 p.m., Toronto time, March 19, 2013 may no longer be withdrawn or revoked.

RBC Dominion Securities Inc. and Morgan Stanley & Co. LLC are acting as dealer managers for the tender offer.  Questions about the tender offer may be directed to RBC Dominion Securities Inc. at 1-877-381-2099 or 1-416-842-6311 and to Morgan Stanley & Co. LLC at 1-800-624-1808 or 1-212-761-1057.  Requests for documentation should be directed to Georgeson Shareholder Communications Canada Inc., the information agent for the tender offer, at 1-866-656-4104 or by e-mail to [email protected].  Questions regarding procedures for tendering Notes should be directed to Computershare Investor Services Inc., the depositary for the tender offer, at 1-800-564-6253 or by e-mail to [email protected].

This release is neither an offer to purchase nor a solicitation to sell any Notes.  The tender offer is being made solely pursuant to the Offer Documents.  The tender offer is not being made to holders of Notes in any jurisdiction in which the tender offer would not be in compliance with the laws of such jurisdiction.  None of Livingston, the dealer managers and solicitation agents, the depositary or the information agent is making any recommendation regarding the tender offer.

About Livingston
North America's number one company focused on customs brokerage and trade compliance, Livingston International also offers consulting and global trade management services as well as international freight forwarding across North America and around the globe.  Headquartered in Toronto, Ontario, Livingston employs approximately 3,200 staff at over 125 key border points, sea ports, airports and other strategic locations across North America as well as in Europe and Asia.

SOURCE: Livingston International Inc.