EXHIBIT 99.4
EQUISTAR CHEMICALS, LP
EQUISTAR FUNDING CORPORATION
FORM OF LETTER OF TRANSMITTAL
for
Tender of All Outstanding
10 1/8% Senior Notes Due 2008
in exchange for registered
10 1/8% Senior Notes Due 2008
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The exchange offer will expire at 12:00 midnight, New York City time, on
__________ __, 2001, unless extended (the "Expiration Date"). Outstanding
notes tendered in the exchange offer may be withdrawn at any time before
12:00 midnight, New York City time, on the Expiration Date.
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Deliver to the Exchange Agent:
The Bank of New York
By Courier: By Mail (registered or By Hand:
certified mail recommended):
The Bank of New York The Bank of New York The Bank of New York
_________________________ ______________________ _____________________
_________________________ ______________________ _____________________
_________________________ ______________________ _____________________
_________________________
By Facsimile Transmission (eligible institutions only):
( ) ___-____
or
( ) ___-____
Attn: ____________
Confirm by telephone:
( ) ___-____
Delivery of this instrument to an address other than as shown above or
transmission of instructions via a facsimile number other than the one listed
above will not constitute a valid delivery. The instructions accompanying this
letter of transmittal should be read carefully before this letter of transmittal
is completed.
The undersigned hereby acknowledges receipt and review of the prospectus
dated _________ __, 2001 of Equistar Chemicals, LP and Equistar Funding
Corporation (the "Issuers") and this letter of transmittal which together
constitute the Issuers' offer to exchange their 10 1/8% Senior Notes Due 2008
(the "New Notes"), the issuance of which has been registered under the
Securities Act of 1933, as amended (the "Securities Act"), for a like principal
amount of their issued and outstanding 10 1/8% Senior Notes Due 2008 (the
"Outstanding Notes"). The exchange, of Outstanding Notes for New Notes and
related documentation are referred to herein as the "Exchange Offer."
The Issuers reserve the right, at any time or from time to time, to extend
the period of time during which the Exchange Offer for the Outstanding Notes is
open, at their discretion, in which event the term "Expiration Date" shall mean
the latest date to which the Exchange Offer is extended. The Issuers shall
notify The Bank of New York (the "Exchange Agent") of any extension by oral or
written notice and shall make a public announcement thereof no later than 9:00
a.m., New York City time, on the next business day after the previously
scheduled Expiration Date.
The New Notes will bear interest at the rate of 10 1/8% per annum. Interest
Payment Dates will be March 1 and September 1 of each year. Holders of New Notes
on the relevant record date for the first interest payment date following the
consummation of the Exchange Offer will receive interest accruing from the most
recent date to which interest has been paid on the Outstanding Notes.
Outstanding Notes accepted for exchange will cease to accrue interest from and
after the date of consummation of the Exchange Offer. Holders whose Outstanding
Notes are accepted for exchange will not receive any payment in respect of
accrued interest on such Outstanding Notes otherwise payable on any interest
payment date the record date for which occurs on or after the consummation of
the Exchange Offer. Interest shall be paid to the person in whose name the
applicable New Note is registered at the close of business on February 15, in
the case of the March 1 interest payment date, and August 15, in the case of the
September 1 interest payment date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. No additional interest will be payable on
the New Notes.
This letter of transmittal is to be used by a holder of Outstanding Notes
1. if certificates of Outstanding Notes are to be forwarded herewith, or
2. if delivery of Outstanding Notes is to be made by book-entry transfer
to the account maintained by the Exchange Agent at The Depository
Trust Company ("DTC") pursuant to the procedures set forth in the
prospectus under the caption "The Exchange Offer -- Book-Entry
Transfer," and an "agent's message" is not delivered as described in
the prospectus under the caption "The Exchange Offer -- Procedures for
Tendering -- Tendering Through DTC's Automated Tender Offer Program."
Tenders by book-entry transfer may also be made by delivering an agent's message
pursuant to DTC's Automated Tender Offer Program in lieu of this letter of
transmittal. Holders of Outstanding Notes whose Outstanding Notes are not
immediately available, or who are unable to deliver their Outstanding Notes,
this letter of transmittal and all other documents required hereby to the
Exchange Agent on or prior to the Expiration Date for the Exchange Offer, or who
are unable to complete the procedure for book-entry transfer on a timely basis,
must tender their Outstanding Notes according to the guaranteed delivery
procedures set forth in the prospectus under the caption "The Exchange Offer --
Guaranteed Delivery Procedures." See Instruction 2 of this letter of
transmittal. Delivery of documents to DTC does not constitute delivery to the
Exchange Agent.
The term "holder" with respect to the Exchange Offer means any person in
whose name such Outstanding Notes are registered on the books of the Issuers,
any person who holds such Outstanding Notes and has obtained a properly
completed bond power from the registered holder or any participant in the DTC
system whose name appears on a security position listing as the holder of such
Outstanding Notes and who desires to deliver the Outstanding Notes by book-entry
transfer at DTC. The undersigned has completed, executed and delivered this
letter of transmittal to indicate the action the undersigned desires to take
with respect to such Exchange Offer. Holders who wish to tender their
Outstanding Notes must complete this letter of transmittal in its entirety
(unless such Outstanding Notes are to be tendered by book-entry transfer and an
agent's message is delivered in lieu hereof).
Broker-dealers who received the Outstanding Notes as a result of market-
making or other trading activities may use the prospectus for the Exchange
Offer, as supplemented or amended, in connection with resales of the New Notes.
Please read the entire letter of transmittal and the prospectus carefully
before checking any box below.
The instructions included with this letter of transmittal must be followed.
Questions and requests for assistance or for additional copies of the prospectus
and this letter of transmittal may be directed to the Exchange Agent.
List below the Outstanding Notes tendered under this letter of transmittal.
If the space below is inadequate, list the title of the series, registered
numbers and principal amounts on a separate signed schedule and affix the list
to this letter of transmittal.
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DESCRIPTION OF OUTSTANDING NOTES TENDERED
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Name(s) and Address(es) of Outstanding Note(s)Tendered
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Registered Holder(s) Exactly as
Name(s) 10 1/8% Registered Aggregate Principal
Appear(s) on Outstanding Notes Senior Number(s)* Principal Amount
(Please Fill In, If Blank) Notes due Amount Represented Tendered**
2008 by Note(s)
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Total
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* Need not be completed by book-entry holders.
** indicated, any tendering holder of Outstanding Notes will be deemed to have
tendered the entire aggregate principal amount represented by such
Outstanding Notes. All tenders must be in integral multiples of $1,000.
[_] CHECK HERE IF TENDERED OUTSTANDING NOTES ARE ENCLOSED HEREWITH.
[_] CHECK HERE AND COMPLETE THE FOLLOWING IF TENDERED OUTSTANDING NOTES ARE
BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY
THE EXCHANGE AGENT WITH DTC (FOR USE BY ELIGIBLE INSTITUTIONS ONLY):
Name of Tendering
Institution:____________________________________________________________________
DTC Account
Number(s):______________________________________________________________________
Transaction Code
Number(s):_____________________________________________________________________
[_] CHECK HERE AND COMPLETE THE FOLLOWING IF TENDERED OUTSTANDING NOTES ARE
BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY EITHER ENCLOSED
HEREWITH OR PREVIOUSLY DELIVERED TO THE EXCHANGE AGENT (COPY ATTACHED) (FOR
USE BY ELIGIBLE INSTITUTIONS ONLY):
Name(s) of Registered Holder(s)
of Outstanding Notes:__________________________________________________________
Date of Execution of Notice of
Delivery:______________________________________________________________________
Window Ticket Number
(if available):________________________________________________________________
Name of Eligible Institution that
Guaranteed Delivery:___________________________________________________________
DTC Account Number(s) (if delivered
by book-entry transfer):_______________________________________________________
Transaction Code Number (if delivered
by book-entry transfer):______________________________________________________
Name of Tendering Institution (if
delivered by book-entry transfer):_____________________________________________
[_] CHECK HERE IF TENDERED BY BOOK-ENTRY TRANSFER AND NON-EXCHANGED OUTSTANDING
NOTES ARE TO BE RETURNED BY CREDITING THE DTC ACCOUNT NUMBER(S) SET FORTH
ABOVE (FOR USE BY ELIGIBLE INSTITUTIONS ONLY).
[_] CHECK HERE AND COMPLETE THE FOLLOWING IF YOU ARE A BROKER-DEALER AND WISH
TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY
AMENDMENTS OR SUPPLEMENTS THERETO:
Name:__________________________________________________________________________
Address:_______________________________________________________________________
If the undersigned is not a broker-dealer, the undersigned represents that
it is not engaged in, and does not intend to engage in, a distribution of New
Notes. If the undersigned is a broker-dealer that will receive New Notes for its
own account in exchange for Outstanding Notes that were acquired as a result of
market-making activities or other trading activities, it acknowledges that it
will deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such New Notes; however, by so acknowledging and
by delivering a prospectus, the undersigned will not be deemed to have admitted
that it is an "underwriter" within the meaning of the Securities Act.
SIGNATURES MUST BE PROVIDED BELOW
PLEASE READ THE ACCOMPANYING INSTRUCTIONS
CAREFULLY.
Ladies and Gentlemen:
Subject to the terms and conditions of the Exchange Offer, the undersigned
hereby tenders to the Issuers for exchange the principal amount of Outstanding
Notes indicated above. Subject to and effective upon the acceptance for
exchange of the principal amount of Outstanding Notes tendered in accordance
with this letter of transmittal, the undersigned hereby exchanges, assigns and
transfers to, or upon the order of, the Issuers all right, title and interest in
and to the Outstanding Notes tendered for exchange hereby, including all rights
to accrued and unpaid interest thereon as of the Expiration Date. The
undersigned hereby irrevocably constitutes and appoints the Exchange Agent as
the true and lawful agent and attorney-in-fact for the undersigned (with full
knowledge that said Exchange Agent also acts as the agent for the Issuers in
connection with the Exchange Offer) with respect to the tendered Outstanding
Notes with full power of substitution to
1. deliver such Outstanding Notes, or transfer ownership of such
Outstanding Notes on the account books maintained by DTC, to the
Issuers and deliver all accompanying evidences of transfer and
authenticity, and
2. present such Outstanding Notes for transfer on the books of the
Issuers and receive all benefits and otherwise exercise all rights of
beneficial ownership of such Outstanding Notes, all in accordance with
the terms of the Exchange Offer.
The power of attorney granted in this paragraph shall be deemed to be
irrevocable and coupled with an interest.
The undersigned hereby represents and warrants that the undersigned has
full power and authority to tender, exchange, assign and transfer the
Outstanding Notes tendered hereby and to acquire the New Notes issuable upon the
exchange of such tendered Outstanding Notes, and that the Issuers will acquire
good and unencumbered title thereto, free and clear of all liens, restrictions,
charges and encumbrances and not subject to any adverse claim, when the same are
accepted for exchange by the Issuers.
The undersigned acknowledges that the Exchange Offer is being made in
reliance upon interpretations set forth in no-action letters issued to third
parties by the staff of the Securities and Exchange Commission (the "SEC"),
including Exxon Capital Holdings Corporation (available Apr. 13, 1988), Morgan
Stanley & Co. Incorporated (available June 5, 1991), Mary Kay Cosmetics, Inc.
(available June 1, 1991), Shearman & Sterling (available July 2, 1993) and
similar no-action letters (the "Prior No-Action Letters"), that the New Notes
issued in exchange for Outstanding Notes pursuant to the Exchange Offer may be
offered for resale, resold and otherwise transferred by holders thereof (other
than any such holder that is an "affiliate" of the Issuers within the meaning of
Rule 405 under the Securities Act), without compliance with the registration and
prospectus delivery provisions of the Securities Act, provided that such New
Notes are acquired in the ordinary course of such holders' business and that
such holders are not engaging in, do not intend to engage in and have no
arrangement or understanding with any person or entity to participate in a
distribution of such New Notes. The SEC has not, however, considered the
Exchange Offer in the context of a no-action letter, and there can be no
assurance that the staff of the SEC would make a similar determination with
respect to the Exchange Offer as in other circumstances.
The undersigned hereby further represents to the Issuers that
1. any New Notes received are being acquired in the ordinary course of
business of the person receiving such New Notes, whether or not the
undersigned,
2. neither the undersigned nor any such other person has an arrangement
or understanding with any person or entity to participate in the
distribution of the Outstanding Notes or the New Notes within the
meaning of the Securities Act, and
3. neither the holder nor any such other person is an "affiliate," as
defined in Rule 405 under the Securities Act, of either of the Issuers
or, if it is an affiliate, it will comply with any applicable
registration and prospectus delivery requirements of the Securities
Act.
If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of New Notes.
If the undersigned is a broker-dealer that will receive the New Notes for its
own account in exchange for Outstanding Notes that were acquired as a result of
market-making activities or other trading activities, it acknowledges that it
will deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such New Notes. By so acknowledging and by
delivering a prospectus, however, the undersigned will not be deemed to admit
that it is an "underwriter" within the meaning of the Securities Act.
The undersigned acknowledges that if the undersigned is tendering
Outstanding Notes in the Exchange Offer with the intention of participating in
any manner in a distribution of the New Notes
1. the undersigned cannot rely on the position of the staff of the SEC
set forth in the Prior No-Action Letters and, in the absence of an
exemption therefrom, must comply with the registration and prospectus
delivery requirements of the Securities Act in connection with the
resale transaction of the New Notes, in which case the registration
statement must contain the selling security holder information
required by Item 507 or Item 508, as applicable, of Regulation S-K of
the Securities Act, and
2. failure to comply with such requirements in such instance could result
in the undersigned incurring liability for which the undersigned is
not indemnified by the Issuers.
The undersigned will, upon request, execute and deliver any additional
documents deemed by the Exchange Agent or the Issuers to be necessary or
desirable to complete the exchange, assignment and transfer of the Outstanding
Notes tendered hereby, including the transfer of such Outstanding Notes on the
account books maintained by DTC.
For purposes of the Exchange Offer, the Issuers shall be deemed to have
accepted for exchange validly tendered Outstanding Notes when, as and if the
Issuers give oral or written notice thereof to the Exchange Agent. Any tendered
Outstanding Notes that are not accepted for exchange pursuant to the Exchange
Offer for any reason will be returned, without expense, to the undersigned at
the address shown below or at a different address as may be indicated herein
under "Special Delivery Instructions" as promptly as practicable after the
Expiration Date for the Exchange Offer.
All authority conferred or agreed to be conferred by this letter of
transmittal shall survive the death, incapacity or dissolution of the
undersigned, and every obligation of the undersigned under this letter of
transmittal shall be binding upon the successors, assigns, heirs, executors,
administrators, trustees in bankruptcy and legal representatives. This tender
may be withdrawn only in accordance with the procedures set forth in the section
of the prospectus entitled "The Exchange Offer -- Withdrawal of Tenders."
The undersigned acknowledges that the Issuers' acceptance of properly
tendered Outstanding Notes pursuant to the procedures described under the
caption "The Exchange Offer -- Procedures for Tendering" in the prospectus and
in the instructions hereto will constitute a binding agreement between the
undersigned and the Issuers upon the terms and subject to the conditions of the
Exchange Offer. The undersigned further agrees that acceptance of any tendered
Outstanding Notes by the Issuers and the issuance of New Notes in exchange
therefor shall constitute performance in full by the Issuers of their
obligations under the exchange and registration rights agreement and that the
Issuers shall have no further obligations or liabilities thereunder for the
registration of the Outstanding Notes or the New Notes.
The Exchange Offer is subject to certain conditions set forth in the
prospectus under the caption "The Exchange Offer -- Conditions to the Exchange
Offer." The undersigned recognizes that as a result of these conditions (which
may be waived, in whole or in part, by the Issuers), the Issuers may not be
required to exchange any of the Outstanding Notes tendered hereby. In such
event, the Outstanding Notes not exchanged will be returned to the undersigned
at the address shown below the signature of the undersigned.
Unless otherwise indicated under "Special Issuance Instructions," please
issue the New Notes issued in exchange for the Outstanding Notes accepted for
exchange and return any Outstanding Notes not tendered or not exchanged, in the
name(s) of the undersigned (or, in the case of a book-entry delivery of
Outstanding Notes, please credit the account indicated above maintained at DTC).
Similarly, unless otherwise indicated under "Special Delivery Instructions,"
please mail or deliver the New Notes issued in exchange for the Outstanding
Notes accepted for exchange and any Outstanding Notes not tendered or not
exchanged (and accompanying documents, as appropriate) to the undersigned at the
address shown below the undersigned's signature(s). In the event that both
"Special Issuance Instructions" and "Special Delivery Instructions" are
completed, please issue the New Notes issued in exchange for the Outstanding
Notes accepted for exchange in the name(s) of, and return any Outstanding Notes
not tendered or not exchanged to, the person(s) so indicated. The undersigned
recognizes that the Issuers have no obligation pursuant to the "Special Issuance
Instructions" and "Special Delivery Instructions" to transfer any Outstanding
Notes from the name of the registered holder(s) thereof if the Issuers do not
accept for exchange any of the Outstanding Notes so tendered for exchange.
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SPECIAL ISSUANCE INSTRUCTIONS SPECIAL DELIVERY INSTRUCTIONS
(SEE INSTRUCTIONS 5 AND 6) (SEE INSTRUCTIONS 5 AND 6)
To be completed ONLY (i) if Outstanding To be completed ONLY if Outstanding Notes in
Notes in a principal amount not tendered, a principal amount not tendered, or New
or New Notes issued in exchange for Notes issued, in exchange for Outstanding
Outstanding Notes accepted for exchange, Notes accepted for exchange, are to be
are to be issued in the name of someone mailed or delivered to someone other than
other than the undersigned, or (ii) if the undersigned, or to the undersigned at an
Outstanding Notes tendered by book-entry address other than that shown below the
transfer which are not exchanged are to be undersigned's signature. Mail or deliver
returned by credit to an account maintained New Notes and/or Outstanding Notes to:
at DTC other than the DTC Account Number
set forth above. Issue New Notes and/or
Outstanding Notes to:
Name: ______________________________________ Name:________________________________________________
Address:____________________________________ Address:_____________________________________________
____________________________________________ _____________________________________________________
(include Zip Code) (include Zip Code)
___________________________________________ _____________________________________________________
(Tax Identification or Social Security (Tax Identification or Social Security
Number) Number)
(Please Type or Print) (Please Type or Print)
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[_] Credit unexchanged Outstanding Notes delivered by book-entry transfer to
the DTC account number set forth below:
DTC Account Number:
________________________________________________________________________________
IMPORTANT
PLEASE SIGN HERE WHETHER OR NOT
OUTSTANDING NOTES ARE BEING PHYSICALLY TENDERED HEREBY
(Complete Accompanying Substitute Form W-9 Below)
X
________________________________________________________________________________
X
________________________________________________________________________________
(Signature(s) of Registered Holder(s) of Outstanding Notes)
Dated ______________, 2001
(The above lines must be signed by the registered holder(s) of Outstanding Notes
as you/their name(s) appear(s) on the Outstanding Notes or on a security
position listing, or by person(s) authorized to become registered holder(s) by a
properly completed bond power from the registered holder(s), a copy of which
must be transmitted with this letter of transmittal. If Outstanding Notes to
which this letter of transmittal relate are held of record by two or more joint
holders, then all such holders must sign this letter of transmittal. If
signature is by a trustee, executor, administrator, guardian, attorney-in-fact,
officer of a corporation or other person acting in a fiduciary or representative
capacity, then such person must (i) set forth his or her full title below and
(ii) unless waived by the Issuers, submit evidence satisfactory to the Issuers
of such person's authority to so act. See Instruction 5 regarding the
completion of this letter of transmittal, printed below.)
Name(s):________________________________________________________________________
(Please Type or Print)
Capacity (Full Title):__________________________________________________________
Address:________________________________________________________________________
________________________________________________________________________________
(Include Zip Code)
Area Code and Telephone Number:_________________________________________________
Taxpayer Identification or Social Security Number:______________________________
MEDALLION SIGNATURE GUARANTEE
(If Required by Instruction 5)
Certain signatures must be guaranteed by an Eligible Institution.
Signature(s) Guaranteed by an
Eligible Institution:___________________________________________________________
(Authorized Signature)
________________________________________________________________________________
(Title)
________________________________________________________________________________
(Name of Firm)
________________________________________________________________________________
(Address, Including Zip Code)
________________________________________________________________________________
(Area Code and Telephone Number)
Dated:_______________________________ , 2001
INSTRUCTIONS
FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER
1. Delivery of this Letter of Transmittal and Outstanding Notes or
Agent's Message and Book-Entry Confirmations. All physically delivered
Outstanding Notes or any confirmation of a book-entry transfer to the Exchange
Agent's account at DTC of Outstanding Notes tendered by book-entry transfer (a
"Book-Entry Confirmation"), as well as a properly completed and duly executed
copy of this letter of transmittal or facsimile hereof (or an agent's message in
lieu hereof pursuant to DTC's Automated Tender Offer Program), and any other
documents required by this letter of transmittal must be received by the
Exchange Agent at its address set forth herein prior to 12:00 midnight, New York
City time, on the Expiration Date for the Exchange Offer, or the tendering
holder must comply with the guaranteed delivery procedures set forth below.
Outstanding Notes tendered hereby must be in denominations of principal amount
of $1,000 and any integral multiple thereof. The method of delivery of the
tendered Outstanding Notes, this letter of transmittal and all other required
documents to the Exchange Agent is at the sole election and risk of the holder
and, except as otherwise provided below, the delivery will be deemed made only
when actually received or confirmed by the Exchange Agent. Instead of delivery
by mail, it is recommended that the holder use an overnight or hand delivery
service. In all cases, sufficient time should be allowed to assure delivery to
the Exchange Agent before the Expiration Date. NEITHER THE LETTER OF TRANSMITTAL
NOR OUTSTANDING NOTES SHOULD BE SENT TO THE ISSUERS.
All questions as to the validity, form, eligibility (including time of
receipt) or acceptance of tendered Outstanding Notes and withdrawal of tendered
Outstanding Notes will be determined by the Issuers in their sole discretion,
which determination will be final and binding. The Issuers reserve the absolute
right to reject any and all Outstanding Notes not properly tendered or any
Outstanding Notes the Issuers' acceptance of which would, in the opinion of
counsel for the Issuers, be unlawful. The Issuers also reserve the right to
waive any defects, irregularities or conditions of tender as to particular
Outstanding Notes. The Issuers' interpretation of the terms and conditions of
the Exchange Offer (including the instructions in this letter of transmittal)
shall be final and binding on all parties. Unless waived, any defects or
irregularities in connection with tenders of Outstanding Notes must be cured
within such time as the Issuers shall determine. Neither the Issuers, the
Exchange Agent nor any other person shall be under any duty to give notification
of defects or irregularities with respect to tenders of Outstanding Notes, nor
shall any of them incur any liability for failure to give such notification.
Tenders of Outstanding Notes will not be deemed to have been made until such
defects or irregularities have been cured or waived. Any Outstanding Notes
received by the Exchange Agent that are not properly tendered and as to which
the defects or irregularities have not been cured or waived will be returned by
the Exchange Agent to the tendering holders of Outstanding Notes, unless
otherwise provided in this letter of transmittal, as soon as practicable
following the Expiration Date.
See "The Exchange Offer" section of the prospectus.
2. Guaranteed Delivery Procedures. Holders who wish to tender their
Outstanding Notes and (a) whose Outstanding Notes are not immediately available,
or (b) who cannot deliver their Outstanding Notes (or tender by book-entry
transfer), this letter of transmittal or any other documents required hereby to
the Exchange Agent prior to the Expiration Date or (c) who are unable to comply
with the applicable procedures under DTC's Automated Tender Offer Program on a
timely basis, must tender their Outstanding Notes according to the guaranteed
delivery procedures set forth in the prospectus. Pursuant to such procedures:
a. such tender must be made by or through a firm which is a member of a
registered national securities exchange or of the National Association
of Securities Dealers, Inc., or a commercial bank or trust company
having an office or correspondent in the United States or an "eligible
guarantor institution" within the meaning of Rule 17Ad-15 under the
Securities Exchange Act of 1934 (an "Eligible Institution");
b. prior to the Expiration Date, the Exchange Agent must have received
from the Eligible Institution a properly completed and duly executed
notice of guaranteed delivery (by facsimile transmission, mail or hand
delivery) or a properly transmitted agent's message and notice of
guaranteed delivery setting forth the name and address of the holder
of the Outstanding Notes, the series of the Outstanding Notes, the
registration number(s) of such Outstanding Notes and the total
principal amount of Outstanding Notes tendered, stating that the
tender is being made thereby and guaranteeing that, within five New
York Stock Exchange trading days after such Expiration Date, this
letter of transmittal (or facsimile hereof or an agent's message in
lieu hereof) together with the Outstanding Notes in proper form for
transfer (or a Book-Entry Confirmation) and any other documents
required by this letter of transmittal will be deposited by the
Eligible Institution with the Exchange Agent; and
c. this letter of transmittal (or a facsimile hereof or an agent's
message in lieu hereof) together with the certificates for all
physically tendered Outstanding Notes in proper form for transfer (or
Book-Entry Confirmation, as the case may be) and all other documents
required hereby are received by the Exchange Agent within five New
York Stock Exchange trading days after such Expiration Date.
Any holder of Outstanding Notes who wishes to tender Outstanding Notes
pursuant to the guaranteed delivery procedures described above must ensure that
the Exchange Agent receives the notice of guaranteed delivery prior to 12:00
midnight, New York City time, on the Expiration Date. Upon request of the
Exchange Agent, a notice of guaranteed delivery will be sent to holders who wish
to tender their Outstanding Notes according to the guaranteed delivery
procedures set forth above.
See the section of the prospectus captioned "The Exchange Offer --
Guaranteed Delivery Procedures."
3. Tender by Holder. Only a holder of Outstanding Notes may tender such
Outstanding Notes in the Exchange Offer. Any beneficial holder of Outstanding
Notes who is not the registered holder and who wishes to tender should arrange
with the registered holder to execute and deliver this letter of transmittal on
his behalf or must, prior to completing and executing this letter of transmittal
and delivering his Outstanding Notes, either make appropriate arrangements to
register ownership of the Outstanding Notes in such holder's name or obtain a
properly completed bond power from the registered holder.
4. Partial Tenders (Not Applicable to Holders Who Tender by Book-Entry
Transfer). Tenders of Outstanding Notes will be accepted only in integral
multiples of $1,000. If less than the entire principal amount of any of the
Outstanding Notes is tendered, the tendering holder should fill in the principal
amount tendered in the fifth column of the box entitled "Description of
Outstanding Notes Tendered" above. The entire principal amount of Outstanding
Notes delivered to the Exchange Agent will be deemed to have been tendered
unless otherwise indicated. If the entire principal amount of all Outstanding
Notes is not tendered, then Outstanding Notes for the principal amount of
Outstanding Notes not tendered and New Notes issued in exchange for any
Outstanding Notes accepted will be returned to the holder as promptly as
practicable after the Outstanding Notes are accepted for exchange.
5. Signatures on this Letter of Transmittal; Bond Powers and
Endorsements; Medallion Guarantee of Signatures. If this letter of transmittal
(or facsimile hereof) is signed by the record holder(s) of the Outstanding Notes
tendered hereby, the signature(s) must correspond exactly with the name(s) as
written on the face of the Outstanding Notes without alteration, enlargement or
any change whatsoever. If this letter of transmittal (or facsimile hereof) is
signed by a participant in DTC, the signature must correspond with the name as
it appears on the security position listing as the holder of the Outstanding
Notes.
If any tendered Outstanding Notes are owned of record by two or more joint
owners, all of such owners must sign this letter of transmittal.
If this letter of transmittal (or facsimile hereof) is signed by the
registered holder(s) of Outstanding Notes listed and tendered hereby and the New
Notes issued in exchange therefor are to be issued (or any untendered principal
amount of Outstanding Notes is to be reissued) to the registered holder(s), the
said holder(s) need not and should not endorse any tendered Outstanding Notes,
nor provide a separate bond power. In any other case, such holder(s) must either
properly endorse the Outstanding Notes tendered or transmit a properly completed
separate bond power with this letter of transmittal, with the signatures on the
endorsement or bond power guaranteed by an Eligible Institution.
If this letter of transmittal (or facsimile hereof) or any Outstanding
Notes or bond powers are signed by trustees, executors, administrators,
guardians, attorneys-in-fact, officers of corporations or others acting in a
fiduciary or representative capacity, such persons should so indicate when
signing, and, unless waived by the Issuers, evidence satisfactory to the Issuers
of their authority to act must be submitted with this letter of transmittal.
No signature guarantee is required if (i) this letter of transmittal (or
facsimile hereof) is signed by the registered holder(s) of the Outstanding Notes
tendered herein (or by a participant in DTC whose name appears on a security
position listing as the owner of the tendered Outstanding Notes), and the New
Notes are to be issued directly to such registered holder(s) (or, if signed by a
participant in DTC, deposited to such participant's account at DTC), and neither
the box entitled "Special Delivery Instructions" nor the box entitled "Special
Registration Instructions" has been completed, or (ii) such Outstanding Notes
are tendered for the account of an Eligible Institution. In all other cases, all
signatures on this letter of transmittal (or facsimile hereof) must be
guaranteed by an Eligible Institution.
6. Special Issuance and Delivery Instructions. Tendering holders should
indicate, in the applicable box or boxes, the name and address to which New
Notes or substitute Outstanding Notes for principal amounts not tendered or not
accepted for exchange are to be issued or sent, if different from the name and
address of the person signing this letter of transmittal. In the case of
issuance in a different name, the taxpayer identification or social security
number of the person named must also be indicated. Holders tendering
Outstanding Notes by book-entry transfer may request that Outstanding Notes not
exchanged be credited to such account maintained at DTC as such noteholder may
designate hereon. If no such instructions are given, such Outstanding Notes not
exchanged will be returned to the name and address (or account number) of the
person signing this letter of transmittal.
7. Transfer Taxes. The Issuers will pay all transfer taxes, if any,
applicable to the exchange of Outstanding Notes pursuant to the Exchange Offer.
If, however, New Notes or Outstanding Notes for principal amounts not tendered
or accepted for exchange are to be delivered to, or are to be registered or
issued in the name of, any person other than the registered holder of the
Outstanding Notes tendered hereby, or if tendered Outstanding Notes are
registered in the name of any person other than the person signing this letter
of transmittal, or if a transfer tax is imposed for any reason other than the
exchange of Outstanding Notes pursuant to the Exchange Offer, then the amount of
any such transfer taxes (whether imposed on the registered holder or any other
persons) will be payable by the tendering holder. If satisfactory evidence of
payment of such taxes or exemption therefrom is not submitted with this letter
of transmittal, the amount of such transfer taxes will be billed directly to
such tendering holder and the Exchange Agent will retain possession of an amount
of Exchange Notes with a face amount at least equal to the amount of such
transfer taxes due by such tendering holder pending receipt by the Exchange
Agent of the amount of such taxes.
8. Tax Identification Number. Federal income tax law requires that a
holder of any Outstanding Notes or New Notes must provide the Issuers (as payor)
with its correct taxpayer identification number ("TIN"), which, in the case of a
holder who is an individual, is his or her social security number. If the
Issuers are not provided with the correct TIN, the holder or payee may be
subject to a $50 penalty imposed by Internal Revenue Service and backup
withholding of 31% on interest payments on the New Notes.
To prevent backup withholding, each tendering holder and each prospective
holder must provide such holder's correct TIN by completing the Substitute Form
W-9 set forth herein, certifying that the TIN provided is correct (or that such
holder is awaiting a TIN), and that (i) the holder has not been notified by the
Internal Revenue Service that such holder is subject to backup withholding as a
result of failure to report all interest or dividends or (ii) the Internal
Revenue Service has notified the holder that such holder is no longer subject to
backup withholding. If the New Notes will be registered in more than one name
or will not be in the name of the actual owner, consult the instructions on
Internal Revenue Service Form W-9, which may be obtained from the Exchange
Agent, for information on which TIN to report.
Certain foreign individuals and entities will not be subject to backup
withholding or information reporting if they submit a Form W-8, signed under
penalties of perjury, attesting to their foreign status. A Form W-8 can be
obtained from the Exchange Agent.
If a tendering holder does not have a TIN, such holder should consult the
instructions on Form W-9 concerning applying for a TIN, check the box in Part 3
of the Substitute Form W-9, write "applied for" in lieu of its TIN and sign and
date the form and the Certificate of Awaiting Taxpayer Identification Number.
Checking this box, writing "applied for" on the form and signing such
certificate means that such holder has already applied for a TIN or that such
holder intends to apply for one in the near future. If such holder does not
provide its TIN to the Issuers within 60 days, backup withholding will begin and
continue until such holder furnishes its TIN to the Issuers.
The Issuers reserve the right in their sole discretion to take whatever
steps are necessary to comply with the Issuers's obligations regarding backup
withholding.
9. Validity of Tenders. All questions as to the validity, form,
eligibility (including time of receipt), acceptance and withdrawal of tendered
Outstanding Notes will be determined by the Issuers in their sole discretion,
which determination will be final and binding. The Issuers reserve the absolute
right to reject any and all Outstanding Notes not properly tendered or any
Outstanding Notes the Issuers' acceptance of which might, in the opinion of the
Issuers or their counsel, be unlawful. The Issuers also reserve the absolute
right to waive any conditions of the Exchange Offer or defects or irregularities
of tenders as to particular Outstanding Notes. The Issuers' interpretation of
the terms and conditions of the Exchange Offer (including this letter of
transmittal and the instructions hereto) shall be final and binding on all
parties. Unless waived, any defects or irregularities in connection with tenders
of Outstanding Notes must be cured within such time as the Issuers shall
determine. Neither the Issuers, the Exchange Agent nor any other person shall be
under any duty to give notification of defects or irregularities with respect to
tenders of Outstanding Notes nor shall any of them incur any liability for
failure to give such notification.
10. Waiver of Conditions. The Issuers reserve the absolute right to
waive, in whole or part, any of the conditions to the Exchange Offer set forth
in the prospectus.
11. No Conditional Tender. No alternative, conditional, irregular or
contingent tender of Outstanding Notes will be accepted.
12. Mutilated, Lost, Stolen or Destroyed Outstanding Notes. Any holder
whose Outstanding Notes have been mutilated, lost, stolen or destroyed should
contact the Exchange Agent at the address indicated above for further
instructions. This letter of transmittal and related documents cannot be
processed until the procedures for replacing lost, stolen or destroyed
Outstanding Notes have been followed.
13. Requests for Assistance or Additional Copies. Requests for assistance
or for additional copies of the prospectus or this letter of transmittal may be
directed to the Exchange Agent at the address or telephone number set forth on
the cover page of this letter of transmittal. Holders may also contact their
broker, dealer, commercial bank, trust issuers or other nominee for assistance
concerning the Exchange Offer.
14. Withdrawal. Tenders may be withdrawn only pursuant to the limited
withdrawal rights set forth in the prospectus under the caption "The Exchange
Offer -- Withdrawal of Tenders."
IMPORTANT: This letter of transmittal or a manually signed facsimile hereof or
an agent's message in lieu thereof (together with the Outstanding Notes
delivered by book-entry transfer or in original hard copy form) must be received
by the Exchange Agent, or the notice of guaranteed delivery must be received by
the Exchange Agent, prior to the Expiration Date.
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Substitute Part 1 -- Please Provide Your Tin in the _______________________________
Form W-9 Box at Right and Certify By Signing and Social Security Number
Dating Below or
_______________________________
Employer Identification number
------------------------------------------------------------------------------------------------------------------------------
Part 2 -- Certification -- Under Part 3 --
penalties of perjury, I certify that:
------------------------------------------------------------------------------------------------------------------------------
(1) The number shown on this Awaiting TIN [_]
form is my correct Taxpayer
Identification Number (or I have
checked the box in part 3 and
executed the certificate of
awaiting taxpayer identification
number below) and
------------------------------------------------------------------------------------------------------------------------------
_______________________________ (2) I am not subject to back Please Complete the Certificate of Awaiting
Name withholding either because I Taxpayer Identification Number below.
have not been notified by the
_______________________________ Internal Revenue Service ("IRS")
Address (Number and Street) that I am subject to backup
withholding as a result of
_______________________________ failure to report all interest or
City, State and Zip Code dividends, or because the IRS has
notified me that I am no longer subject
to backup withholding.
------------------------------------------------------------------------------------------------------------------------------
Department of the Treasury
Internal Revenue Service
------------------------------------------------------------------------------------------------------------------------------
Payor's Request for Taxpayer Certificate Instructions -- You must cross out item (2) in Part 2 above if
Identification Number (TIN) you have been notified by the IRS that you are subject to backup withholding
because of under reporting interest or dividends on your tax return. However,
if after being notified by the IRS that you are subject to backup withholding
you received another notification from the IRS stating that you are no longer
subject to backup withholding, do not cross out item (2).
SIGNATURE________________________________DATE ________________________, 2001
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FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING
OF 31% OF ANY PAYMENTS MADE TO YOU WITH RESPECT TO THE NEW NOTES.
YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED
THE BOX IN PART 3 OF THE SUBSTITUTE FROM W-9
--------------------------------------------------------------------------------
CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER
I certify under penalties of perjury that a taxpayer identification
number has not been issued to me, and either (a) I have mailed or
delivered an application to receive a taxpayer identification number to
the appropriate Internal Revenue Service Center or Social Security
Administration Office or (b) I intend to mail or deliver an application
in the near future. I understand that if I do not provide a taxpayer
identification number to the payor within 60 days, 31% of all reportable
payments made to me thereafter will be withheld until I provide a number.
, 2001
Signature Date
--------------------------------------------------------------------------------