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CBD Media gets needed consents for 9¼%, 8 5/8% notes
By Susanna Moon
Chicago, Sept. 25 - CBD Media Holdings LLC said it received the required consents for its $100 million principal amount of 9¼% senior notes due 2012 and $147.8 million of 8 5/8% senior subordinated notes due 2011.
The company began the tender offers and consent solicitations for both series of notes on Sept. 11.
The 9¼% notes were co-issued by CBD Media and CBD Holdings Finance, Inc. The 8 5/8% notes were co-issued by CBD Media LLC and CBD Finance, Inc.
The consent solicitation expired at 5 p.m. ET on Sept. 24. The tender offer ends on Oct. 9.
As of Sept. 24, investors had tendered $100 million of the 9¼% notes and $147.8 million of the 8 5/8% notes, or 100% of the outstanding amounts on both series of notes.
Each issuer of the notes and HSBC Bank USA, NA, as trustee, executed a supplemental indenture to eliminate substantially all restrictive covenants and certain event of default provisions.
The payout for the 9¼% notes tendered by the consent date is $1,079.04 per $1,000 principal amount of the notes. Pricing was based on 50 basis points over the 5% U.S. Treasury due July 31, 2008, according to a previous announcement.
For the 8 5/8% notes tendered before the consent deadline, the payout is $1,045.63 for each $1,000 principal amount of the notes.
The payment includes a consent payment of $30 for notes tendered by the consent deadline.
Settlement of the offer depends on the receipt of tenders from holders of a majority of each series of notes and the receipt of proceeds from a planned securitization transaction.
Lehman Brothers (800 438-3242 or collect 212 528-7581) is the solicitation agent. D.F. King & Co., Inc. (800 431-9643 or collect 212 269-5550) is the information agent.
Cincinnati-based CBD Media Holdings is the parent of CBD Media LLC, a publisher of yellow pages.
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