American Media issues $39 million 7% notes in exchange for 11˝% notes

By Susanna Moon

Chicago, Jan. 26 – American Media, Inc. issued new notes to some holders in exchange for about $32 million principal amount of the company’s 11˝% first-lien senior secured notes due 2017, according to an 8-K filing with the Securities and Exchange Commission.

In exchange, the company issued $39,024,390 principal amount of 7% second-lien senior secured notes due July 15, 2020.

The notes were issued to some noteholders who are also the majority equityholders of the company.

American Media is a New York-based magazine publisher.

New notes

Issuer:	American Media, Inc.
Issue:	Second-lien senior secured notes
Amount:	$39,024,390
Maturity:	July 15, 2020
Coupon:	7%
Call option:	At par plus make-whole premium at any time prior to Jan. 15, 2018; before Jan. 15, 2018, up to 35% of notes at 107 from cash proceeds of one or more qualified equity offerings if at least 65% of the aggregate principal amount of the notes remains outstanding after redemption
Put option:	At 101 if change of control occurs; at par if company sells assets under some circumstances
Settlement date:	Jan. 20

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.