Comdisco Holding to redeem variable-rate '04 notes

Comdisco Holding Co. Inc. said Wednesday (Oct. 9) that it will redeem the entire $400 million outstanding principal amount of its variable-rate senior secured notes due 2004. The notes will be redeemed on or about Oct. 21 at 100% of their principal amount, plus accrued and unpaid interest from Aug. 12, 2002 to the redemption date.

Comdisco, based in Rosemont, Ill., formerly provided equipment leasing and technology services to business customers; following its Chapter 11 bankruptcy reorganization, it emerged as a holding company whose purpose is to sell, collect or otherwise reduce to money the remaining assets of the corporation. It said that Wells Fargo Bank will serve as the paying agent for the planned note redemption. Information about the mechanics of the redemption is contained in a notice of redemption that will be mailed to the holders of the senior notes.

Claxson again extends exchange offer for Imagen 11% '05 notes

Claxson Interactive Group Inc. said on Wednesday (Oct. 9.) that it had again extended its previously announced offer to exchange new debt for the existing 11% senior notes due 2005 of its Imagen Satelital SA subsidiary, and the related solicitation of noteholder consents.

Claxson extended the expiration date for the exchange offer to 5 p.m. ET on Oct. 11, subject to possible further extension, from the previous Oct. 8 deadline. As of 5 p.m. ET on Oct. 8, the company had received tenders from holders of approximately $12.8 million of the existing notes, unchanged from the amount which had been tendered as of Sept. 24 as outlined in its previous extension announcement. D.F. King & Co.(contact Tom Long at 212 493-6920 is the information agent for the exchange. Banco Rio de la Plata (contact Eduardo Rodriguez Sapey at 011 5411 4341 1013 in Buenos Aires) is the Argentina Trustee and Rep. Exchange Agent.

AS PREVIOUSLY ANNOUNCED, Claxson, a Buenos Aires, Argentina-based multimedia company providing branded Spanish- and Portuguese-language entertainment content, said on June 28 that it had begun an exchange offer and related consent solicitation for all $80 million of Imagen's 11% notes, under which it would offer $410 of its new 7.25% senior notes due 2010 per $1,000 principal amount of the existing Imagen notes (the amount of new notes and their interest rate were both subsequently increased). Claxson also said that it was soliciting proxies from holders of the existing notes to vote in favor of the proposed amendments to the notes' indenture, and was offering a consent payment equal to $10 per $1,000 principal amount (subsequently raised) to holders of the existing notes tendering them by the original consent payment deadline of 5 p.m. ET on July 18, although this was subsequently extended. Claxson initially set 5 p.m. ET on July 31 as the exchange offer expiration deadline, although this also was subsequently extended. It said the exchange offer would be conditioned upon the receipt of tenders of at least 95% of the outstanding principal amount of the existing Imagen notes, as well as the approval by the Argentine government Comision de Valores of the public offering of the newly issued notes in Argentina, as well as other customary conditions. Claxson said that the new notes will not be registered for unlimited public trading under the U.S. Securities Act of 1933, as amended, and will only be offered in the U.S. to qualified institutional buyers and accredited investors in private transactions and to persons outside the Unites States in off-shore transactions, as defined by the Act. The new notes will be listed on the Buenos Aires Stock Exchange.

On Aug. 1, Claxson Interactive Group said it was extending the exchange offer and consent solicitation for the Imagen 11% notes to 5 p.m. ET on Aug. 14, subject to possible further extension, from the original July 31 deadline. As of 5 p.m. ET on July 31, Claxson had received tenders from the holders of approximately $7.7 million of the outstanding existing notes. Claxson also said that it continues to solicit proxies in favor of proposed indenture changes from the holders of the existing notes, extending the consent payment expiration date to 5 p.m. ET on Aug. 14, subject to possible further extension, from the original July 18 consent deadline; the extended consent deadline would thus coincide with the actual expiration of the tender offer itself. It said that holders who have already tendered their existing notes, or those who tender them by the extended Aug. 14 deadline and who do not withdraw their tenders, would be entitled to receive the consent payment. On Aug. 15, Claxson again announced that the offer had been extended, to 5 p.m. ET on Aug. 28. Claxson said it was in active discussions with the holders of the existing notes who had not yet tendered, with the goal of obtaining full participation. It further said that except for the extension of the expiration date and consent payment expiration date, all other terms and provisions of the exchange offer remained the same.

On Aug. 28, Claxson said it had again extended the exchange offer as well as the consent solicitation to 5 p.m. ET on Aug. 30, subject to possible further extension, from the previous Aug. 28 deadline. As of 5 p.m. ET on Aug. 28, Claxson had received tenders from holders of approximately $8.1 million principal amount of the outstanding Imagen existing notes, unchanged from the amount which had been exchanged by Aug. 14, as outlined in its previous extension announcement.

On Sept. 3, Claxson announced that it had again extended the exchange offer, to 5 p.m. ET on Sept. 16, subject to possible further extension, from the previous deadline of Aug. 30. It said that as of 5 p.m. ET on Aug. 30, it had received tenders from holders of approximately $8.1 million principal amount of the outstanding Imagen existing notes, unchanged from the amount which had been exchanged from Aug. 28, as outlined in its previous extension announcement. Claxson also said that it had increased the compensation it was offering to $500 of its new senior notes due 2010 per $1,000 principal amount of the existing notes, and had also increased the interest rate on the proposed new notes by 100 basis points, from the originally announced 7.25% to 8.25%. In addition, Claxson increased the consent payment to $15 per $1,000 principal amount of the old notes, payable to all holders tendering their notes by the new expiration date. Claxson furthermore said that it had provided that Imagen will unconditionally and irrevocably guarantee on a senior basis all the interest and principal payments on the new notes. It said that any 11% noteholder who had previously tendered their existing notes would automatically be eligible to receive all of the new and improved terms without taking any action.

On Sept. 17, Claxson said that it had again extended its Imagen exchange offer, to 5 p.m. ET on Sept. 24, subject to possible further extension, from the previous Sept. 16 deadline. As of 5 p.m. ET on Sept. 16, Claxson had received tenders from holders of approximately $12.7 million principal amount of the outstanding Imagen existing notes, up from the $8.1 million amount which had been exchanged as of Aug. 30, as outlined in its previous extension announcement.

On Sept. 24, Claxson said it had amended its exchange offer, raising the interest rate on the proposed new notes by 50 basis points to 8.75%, increasing the consent payment to US$18.75 per US$1,000 principal amount of existing notes tendered, increasing the extraordinary cash payments on the new notes, and also now providing for the amortization of principal beginning in 2006. Claxson said it had fully outlined the changes in the offer in a new supplement to the official Offering Memorandum dated Sept. 24. It said that any holder who had previously tendered their existing notes would be automatically eligible to receive all of the new and improved terms of the exchange offer. Claxson also again extended the expiration date of the offer to 5 p.m. ET on Oct. 8 from the previous Sept. 24 deadline, subject to possible further extension, and said that as of 5 p.m. ET on Sept. 24, the company had received tenders from holders of approximately US$12.8 million of the existing notes, up slightly from the US$12.7 million that had been received from the holders as of Sept. 16, as outlined in its previous extension announcement.

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