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Reader's Digest again extends tender offer for 6½% notes due 2011
By Michelle Anderson
Rochester, N.H., March 1 - The Reader's Digest Association announced it has extended the tender offer for its 6½% senior notes due 2011 to 8 a.m. ET on March 2.
The offer was extended to coordinate the closing of the tender offer with the acquisition of the company by an investor group led by Ripplewood Holdings LLC, according to a press release.
No other terms have changed, holders who tender their notes before the new deadline will receive $1,009.95 per $1,000 principal amount of notes plus accrued interest.
Those who tendered their notes by Feb. 7 will receive $1,039.95 for each $1,000 principal amount which includes a $30 consent payment.
As of Feb. 28, $299,950,000 principal amount of the notes, approximately 99.98% of the outstanding notes, had been tendered.
The previous deadline was March 1. This marks the second time the company has extended its offer from the first, Feb. 23 deadline.
The Pleasantville, N.Y.-based company is a publisher and direct marketing company.
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