RBS-Zero Hora exchanges $66.84 million of RBS Participacoes 11% notes

Pittsburgh, Aug. 5 - RBS-Zero Hora Editora Jornalistica SA exchanged $66.84 million of its 11% guaranteed notes due 2007 issued by RBS Participacoes SA for $56.82 of its 11% guaranteed notes due 2010 and $10.03 million in cash, according to a company news release.

Holders received $850 principal amount of the RBS-Zero Hora notes and a cash payment of $150 plus interest on the RBS Participacoes notes per $1,000 principal amount of RBS Participacoes notes on the Aug. 4 settlement date. After the exchange, $58.16 million of the RBS Participacoes notes are outstanding.

The notes are guaranteed by Televisao Gaucha SA, RBS TV de Florianopolis SA, RBS-Zero Hora and Radio Gaucha SA, all members of the Rede Brasil Sul Group. The Zero-Hora notes and guaranteed by Televisao Gaucha SA, RBS TV de Florianopolis SA and Radio Gaucha SA.

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