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Allbritton extends early premium to all holders who tender 8% notes
By Susanna Moon
Chicago, June 27 – Allbritton Communications Co. said it amended the payment terms of the cash tender offer for its outstanding $455 million 8% senior notes due May 15, 2018.
The total payment now will be $1,046.67 for each $1,000 principal amount of notes tendered in the offer, regardless of when they are tendered, according to a company press release.
Before the change, holders needed to tender their notes by 5 p.m. ET on June 26, the early tender date, to receive the total amount, which included an early tender premium of $10.00 for each $1,000 of notes.
Holders will also receive accrued interest to but excluding the settlement date.
The tender offer will continue until midnight ET on July 11. The offer began on June 13.
As previously announced, notes tendered by the early tender date may be withdrawn by the early tender date, and notes tendered after the early deadline may be withdrawn by the offer expiration.
The company previously said it expects to accept for purchase all notes 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 to fund 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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