Protection One, Inc. Announces Pricing of Notes Offering

Business Wire, Dec 17, 1998

CULVER CITY, Calif.--(BUSINESS WIRE)--Dec. 16, 1998--Protection One, Inc. (NYSE:POI) announced today that its wholly owned subsidiary, Protection One Alarm Monitoring, Inc. (Monitoring), agreed to sell $350 million aggregate principal amount of senior subordinated notes (increased from the originally announced $300 million).

The notes will bear interest at 8 1/8% per annum, payable semiannually and will mature on January 15, 2009.

The net proceeds of the notes offering, which is expected to close on Monday, December 21, 1998, will be used to repay borrowings under Monitoring's credit facility with Westar Capital, Inc., a wholly owned subsidiary of Western Resources, Inc. and the controlling shareholder of Protection One, and for general corporate purposes.

The notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of that act.

Protection One is the second largest residential security alarm company in the United States, providing monitoring and related security services to more than 1.5 million residential and commercial subscribers worldwide.

For more information about Protection One and its operating companies, visit us on the internet at http://www.protectionone.com.

Statements contained in this press release concerning competitive position and other statements of management's beliefs, goals and expectations are "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. These risks and uncertainties include the ability of the company to complete the contemplated offering of Notes and other factors described in the risk factors included in the Proxy Statement/Information Statement/Registration Statement of Protection One relating to the acquisition of Lifeline Systems, Inc. filed with the Securities and Exchange Commission on December 10, 1998 (beginning on page 16), which statements are incorporated herein by reference. Protection One disclaims any obligation to update any forward-looking statement as a result of developments occurring after the date of this press release.