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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.