Allbritton Communications begins cash tender offer for 8% notes

By Marisa Wong

Madison, Wis., June 13 – Allbritton Communications Co. said it has begun a cash tender offer for any and all of its outstanding $455 million 8% senior notes due May 15, 2018.

Holders must tender their notes at or before 5 p.m. ET on June 26, the early tender date, to receive the total consideration of $1,046.67 for each $1,000 in principal amount of notes. The total consideration includes an early tender premium of $10.00 for each $1,000 of notes.

Holders who tender their notes after the early tender date will receive the tender offer consideration of $1,036.67 for each $1,000 of notes. They will not be eligible to receive the early tender premium.

Holders will also receive accrued interest to, but not including, the settlement date.

Notes tendered on or prior to the early tender date may be withdrawn at any time on or before the early tender date, and notes tendered after the early deadline may be withdrawn at any time on or prior to the expiration of the offer at midnight ET on July 11.

The company anticipates that it will accept for purchase all notes, whether tendered prior to or after the early deadline, promptly following the expiration date.

The tender offer is being conducted in conjunction with Sinclair Broadcast Group’s acquisition of Perpetual Corp.’s stock. Perpetual is Allbritton’s parent company.

Allbritton said it expects that Sinclair will fund the payments required under the tender offer as part of the acquisition.

The tender offer is conditioned on completion of the acquisition.

Deutsche Bank Securities Inc. (855) 287-1922 or 212 250-7527 collect) is the dealer manager for the tender offer, and D.F. King & Co., Inc. (800 967-4604 or 212 269-5550 collect) is the information agent and tender agent.

Allbritton is an Arlington, Va.-based communications company.

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