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American Media refinances 11½% first-lien notes, 7% second-lien notes
By Angela McDaniels
Tacoma, Wash., Aug. 26 – American Media, Inc. repaid its 11½% first-lien senior secured notes due 2017 and 7% second-lien senior secured notes due 2020 on Aug. 24, according to an 8-K filing with the Securities and Exchange Commission.
The company used the proceeds of a private placement of $670 million of notes. That deal included $136 million principal amount of 5½% notes due 2021 that priced at 73 and $534 million principal amount of zero-coupon notes due 2022 that priced at 42.75.
The company said that following the refinancing, it no longer has any reporting obligations under its debt facilities and will therefore stop filing reports under the Securities Exchange Act of 1934.
Boca Raton, Fla.-based American Media publishes celebrity magazines and health and active lifestyle magazines.
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