San Jose, Calif., July 18, 2000 (PRIMEZONE) -- On Command Corporation (Nasdaq:ONCO), announced today the successful completion of a new five-year $350 million senior unsecured credit facility, led by The Bank of New York, replacing an existing $200 million facility. The new financing will support On Command's aggressive growth and expansion, which includes re-equipping its base of hotel rooms with its new interactive OCX(r) platform. The syndication had the support of some of the major banks in the media and telecommunications industry including The Bank of New York as lead arranger and administrative agent, Bank of America as co-lead arranger and syndication agent, and Toronto Dominion Bank and Fleet National Bank as the documentation agents.
"The $350 million credit facility is a commitment from our banking partners to On Command's continuing position in the marketplace as an industry leader," said Paul Milley, SVP and CFO of On Command. "On Command now has increased financial flexibility, yet remains modestly and appropriately leveraged. The strong support of the financial community allowed On Command to close this facility on favorable financial terms."
On Command Corporation (www.oncommand.com) is the leading provider of in-room interactive entertainment, Internet services, business information and guest services for the lodging industry and its guests. The company is based in San Jose, California with offices across the United States and around the world. On Command Corporation annually serves more than 250 million guests through nearly 1 million rooms in approximately 3,355 hotel properties in over 22 countries. These hotel partners include over 100 of the most prestigious hotel chains and operators in the lodging industry: Adam's Mark Hotels and Resorts; Bass Hotels & Resorts (InterContinental, Crowne Plaza, and Holiday Inn), Fairmont, Four Seasons, Hilton (Doubletree, Embassy Suites), Hyatt, Loews, Marriott (Courtyard, Renaissance, Fairfield Inn & Residence Inn), Radisson, Ramada, Starwood Hotels & Resorts (Westin, Sheraton, W Hotels, Four Points), and Wyndham Hotels & Resorts. OCX is a registered trademark of On Command Corporation. On Command is listed on the NASDAQ Stock Market under the symbol ONCO and its warrants are traded under the symbols ONCOW and ONCOZ.
This report contains, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgments of those issues. However, because those statements are forward-looking and apply to future events, they are subject to risks and uncertainties, which could cause the Company's results to differ materially. In addition to the factors discussed herein, which could cause the Company's results to differ materially, this report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 1999 as filed with the Securities and Exchange Commission.
CONTACT:
On Command Julie Lucas Vice President, Communications 720.873.3303