American Media privately places $136 million 5½% notes, $534 million zero-coupon notes

By Paul A. Harris

Portland, Ore., Aug. 24 – American Media, Inc. has privately placed $670 million of notes in two tranches, according to a market source.

The placement includes $136 million of 5½% notes due 2021 and $534 million of zero-coupon notes due 2022, the source said.

Proceeds will be used to refinance American Media’s 7% second-lien senior secured notes due July 15, 2020 and the 11½% first-lien senior secured notes due Dec. 15, 2017 issued by AMO Escrow Corp./American Media Operations Inc.

Late Wednesday a company spokesman confirmed that American Media has completed a private placement but declined to specify any terms.

New York-based American Media owns and operates print and digital celebrity and active lifestyle media brands.

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