Card Briefs: Card Establishment Services Launches a Debt Buyback

HACKENSACK, N.J. - Card Establishment Services Inc. has begun its previously announced tender offer for all of its outstanding 20% senior subordinated notes due on Oct. 1, 2003.

The notes are first callable on Oct. 1, 1998, at a price of 103.75%.

Chemical Securities Inc. will act as financial adviser to CES in this offer, with Chemical Bank serving as the information agent.

CES said the offer depends on consent by holders of most of the outstanding debt to eliminate certain parts of the indenture.

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