Claxson starts exchange for Imagen Satelital notes

New York, June 28 - Claxson Interactive Group Inc. announced an exchange offer and consent solicitation for the $80 million outstanding principal amount of 11% senior notes due 2005 issued by its subsidiary Imagen Satelital SA.

For each $1,000 principal amount of Imagen's existing notes, Claxson is offering $410 principal amount of its 7¼% senior notes due 2010.

The entertainment company will also pay a $10 per $1,000 consent fee to holders who agree to an indenture amendment by the consent deadline of 5.00 p.m. ET on July 18.

The exchange itself expires at 5.00 p.m. ET on July 31.

Completion is conditional on at least 95% of the old notes being tendered and approval by the Argentine Comision de Valores of the public offering of the new notes in Argentina.

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