GRANITE BROADCASTING CORP. (GBTVK) said Wednesday (Dec. 19) that it had begun soliciting consents from the holders of record (as of Dec. 13) of its 9 3/8% senior subordinated notes due 2005, to approve a proposed amendment to the notes' indenture to increase permissible borrowings under Granite's senior credit facility by $37 million. The New York-based television station operator said in a Securities and Exchange Commission filing that the consent solicitation will expire at 5:00 p.m. ET on Jan. 4, subject to possible extension.

AZTAR CORP (AZR) (Ba3/BB) said Tuesday (Dec. 18) that it had extended its previously announced solicitation of consents from the holders of its 8 7/8% senior subordinated notes due 2007 to proposed indenture amendments. The solicitation, which was to have expired on Dec. 20, will now expire at 5 p.m. ET on Dec. 21, subject to possible further extension. Tenders for $171.725 million of the $175 million of outstanding notes have been received to date. AS PREVIOUSLY ANNOUNCED, Aztar, a Phoenix-based gaming operator, said on Nov. 27 that it had begun soliciting consents from the holders of record (as of Nov. 26) of its 8 7/8% notes, seeking approval to increase the amount of the so-called "restricted payments basket" from $30 million to $75 million. It initially set 5 p.m. ET on Dec. 11 as the deadline for the solicitation (since extended). The company said the amendment of the restricted payments basket is the only amendment proposed by the company and would conform the restricted payment amount to the corresponding amount in the indenture governing the company's 9% senior subordinated notes due 2011. The proposed amendment requires the consent of the holders of more than half of the notes. Upon the successful completion of the solicitation, a fee of $2.50 per $1,000 principal amount will be paid to holders who validly delivered a consent prior to the expiration deadline. A noteholder may revoke a consent at any time prior to the expiration time by delivering a written notice of revocation. Aztar is not obligated - and does not intend - to accept consents from any holders after the expiration time. The information and tablulation agent will be MacKenzie Partners (call collect at 212 929-5500 or toll-free at 800 322-2885).

CENDANT CORP. (CD) said Tuesday (Dec. 18) that it had extended its previously announced exchange offer for its $850 million of 6 7/8% notes due 2006. The offer will now expire at 5 p.m. ET on Jan. 10, subject to possible further extension. As of the 2 p.m. ET on Dec. 18, approximately $97.585 million of the notes, or about 11.48% of the outstanding amount, had been tendered. AS PREVIOUSLY ANNOUNCED, Cendant, a New York-based provider of travel and residential real estate services, said Nov. 28 that it was offering all holders of its existing 6 7/8% notes the opportunity to exchange their notes for a new issue with essentially the same terms, except that the new notes can be publicly traded. The offer was originally scheduled to expire on Dec. 27. The exchange agent is The Bank of Nova Scotia Trust Company of New York.

ARRHYTHMIA RESEARCH TECHNOLOGY, INC. (HRT) said Tuesday (Dec. 18) that it had reached an agreement with a majority of its bondholders to redeem their 11% Lesser-Secured bonds due 2002 amounting to $425,000 and repurchase the associated warrants for options to acquire 197,030 shares of the company's common stock at a repurchase price of $1.00 per share. The Fitchburg, Mass.-based maker of computerized medical equipment and software said the bonds had provided the bondholders an exercise price of $1.50 per share on the shares purchasable if exercised.

RITE AID CORP (RAD) said Monday (Dec. 17) that it had extended its pending offers to the holders of $21.879 million of 10.5% Senior Secured Notes due 2002 (B3/B-) and $150 million of 11 ¼% Senior Notes due 2008 (Caa2/B-) to exchange their existing notes for like amounts of newly issued notes which have been registered for public trading under the Securities Act of 1933. The Camp Hill, Pa.-based drugstoire chain operator said the exchange offers - which were not publicly announced at the time they had begun - were originally scheduled to expire on Dec. 14, but will now expire at 5:00 p.m. ET on Dec. 20, subject to possible further extension. All other terms, provisions and conditions of the exchange offers will remain in full force and effect. Rite Aid said it has been informed by the exchange agents that, as of 5:00 p.m. ET on Dec. 14, approximately $10.818 million of the 10.5% notes (49.4% of the outstanding notes) and $147.2 million (98% of the outstanding amount) of the 11¼% notes had been tendered in the exchange offers. State Street Bank and Trust Co. (617 662-1548) is the exchange agent for the 10.5% notes and BNY Midwest Trust Co.(212 235-2354) is the exchange agent for the 11¼% notes.

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