Invited Announces Final Tender Offer Results

DALLAS, April 10, 2024 (GLOBE NEWSWIRE) -- Invited, Inc. today announced the final tender results for the previously announced tender offer (the “Tender Offer”) by ClubCorp Holdings, Inc., its indirect wholly-owned subsidiary (the “Company”), to purchase for cash up to $82,731,000 aggregate principal amount (the “Tender Cap”) of its outstanding 8.50% Senior Notes due 2025 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on April 10, 2024 (the “Expiration Time”).

On March 28, 2024, the Company purchased $29,600,000 in aggregate principal amount of Notes that were tendered at or prior to 5:00 p.m., New York City time, on March 26, 2024 (the “Early Tender Time”). On April 10, 2024, the Company was advised by Global Bondholder Services Corporation, as Depositary for the Tender Offer, that after the Early Tender Time and at or prior to the Expiration Time, an additional $4,000,000 in aggregate principal amount of the outstanding Notes had been validly tendered and not withdrawn in the Tender Offer. In total, $33,600,000 in aggregate principal amount, or approximately 30.6%, of the outstanding Notes were validly tendered and accepted for purchase in the Tender Offer.

Subject to the terms and conditions of the Tender Offer, as described in the confidential Offer to Purchase dated March 13, 2024, and as amended by the press release dated March 26, 2024, the Company is accepting for purchase all Notes validly tendered and not validly withdrawn prior to the Expiration Time, with the settlement date for such purchase expected to occur on or about April 15, 2024.

*About Invited*

Since its founding in 1957, Dallas-based Invited has operated with the mission of Building Relationships and Enriching Lives®. The leading owner-operator of membership golf and country clubs and city clubs in North America, Invited is relentless in its pursuit of providing extraordinary experiences, meaningful connections, shared passions, and memorable moments for more than 390,000 members. The company’s mission is supported by nearly 20,000 peak-season employees and a portfolio of nearly 170 owned or operated golf and country clubs and city clubs in 27 states. Invited creates communities that cater to an aspirational lifestyle through its championship golf courses, workspaces, handcrafted cuisine, resort-style pools, tennis and pickleball facilities, golf lounges, fitness centers, and pioneering programming.

Marquee Invited properties include Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, California); The Woodlands Country Club (Houston, Texas); and The Metropolitan Club (Chicago, Illinois).

*Forward Looking Information Disclaimer*

Some of the statements in this press release constitute "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. These statements include statements regarding the Company’s intent and belief or current expectations and may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, without limitation, the Company’s ability to consummate the Tender Offer, as well as matters beyond the Company's control. Forward-looking statements are not guarantees of future performance, results or events.

*Media Contact*

ClubCorp Holdings, Inc.: Global Bondholder Services Corporation:
Bonnie Scoggins, SVP of Marketing (855) 654-2014
(910) 770-2331 contact@gbsc-usa.com
bonnie.scoggins@invitedclubs.com