ALPHARETTA, Ga., Jan. 31 MQ Associates, Inc. ("MQAssociates") announced today that it has completed its previously announcedcash tender offer and consent solicitation with respect to its outstanding12 1/4% Senior Discount Notes due 2012 (CUSIP No. 55345RAC2) (the "Notes").The tender offer and consent solicitation expired at midnight, New York Citytime, on January 29, 2008 (the "Expiration Date").
As of the Expiration Date, MQ Associates had received tenders and consentsfor $132,455,000 in aggregate principal amount of the Notes, representing97.9550% of the outstanding Notes.
As previously announced, the total consideration (the "TotalConsideration") per $1,000 principal amount at maturity of Notes that werevalidly tendered prior to 5:00 p.m., New York City time, on January 14, 2008(the "Consent Date") will be an amount equal to 110.081% of the accreted valueof such Notes as of the later of January 29, 2008 or the applicable paymentdate, which includes a cash consent payment of $28.12. Holders who tenderedtheir Notes and delivered their consents after the Consent Date, but prior tothe Expiration Date, will receive the tender offer consideration, whichconsists of the Total Consideration less the cash consent payment of $28.12per $1,000 principal amount at maturity of tendered Notes. MQ Associatesintends for the payment date for all Notes validly tendered to be January 30,2008, in which case the Total Consideration will be $1,032.27 for each $1,000principal amount at maturity of such Notes.
The complete terms and conditions of the tender offer and consentsolicitation are described in the Offer to Purchase and Consent SolicitationStatement of MQ Associates, dated December 31, 2007 (the "Statement") and therelated Consent and Letter of Transmittal, copies of which may be obtained bycontacting D.F. King & Co., Inc., the Information Agent for the tender offerand consent solicitation, at (212) 269-5550 (for brokers and banks) or (800)859-8509 (for all others). Questions regarding the tender offer and consentsolicitation may be directed to the Dealer Manager and Solicitation Agent forthe tender offer and consent solicitation: Jefferies & Company, Inc, which maybe contacted at (888) 708-5831 (toll-free).
The tender offer and consent solicitation are being made only through andsubject to the terms and conditions set forth in the Statement and the relatedConsent and Letter of Transmittal.
This press release does not constitute an offer to sell or thesolicitation of an offer to buy any security and shall not constitute anoffer, solicitation or sale of any securities in any jurisdiction in whichsuch offering, solicitation or sale would be unlawful. Under no circumstancesshall this press release constitute a solicitation of consents to theAmendment. No recommendation is made as to whether holders of the Notesshould give their consent.
Forward Looking Statements
This press release contains or may contain forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995.Such statements include, without limitation, statements regarding MQAssociates' future growth and profitability, growth strategy and trends in theindustry in which it operates. These forward-looking statements are based onMQ Associates' current expectations and are subject to a number of risks,uncertainties and assumptions. MQ Associates can give no assurance that suchforward-looking statements will prove to be correct. Among the importantfactors that could cause actual results to differ significantly from thoseexpressed or implied by such forward-looking statements are the recentlyclosed merger with Novant, general economic and business conditions, theeffect of healthcare industry trends on third-party reimbursement rates anddemand for its services, limitations and delays in reimbursement by third-party payors, chang