American Lawyer extends deadline in tender for 9¾% notes

New York, Feb. 11 - American Lawyer Media, Inc. said that all holders who tender by the expiration date in its offer to buy its $175 million principal amount of 9¾% senior notes due 2007 will receive the full amount.

Previously holders had to tender by the consent deadline of 5 p.m. ET on Feb. 11 to receive the maximum payment.

By the consent deadline, American Lawyer had received tenders of 83% of the notes.

The company said on Feb. 10 that it had received sufficient consents to amend the indenture of its $175 million principal amount of 9¾% senior notes due 2007.

As announced on Jan. 31, the New York legal media company is offering $1,018.75 per $1,000 principal amount for notes tendered by the consent deadline of 5 p.m. ET on Feb. 11, including a $20.00 per $1,000 principal amount consent payment - now amended to cover all notes tendered by the expiration date. It will also pay accrued interest up to but excluding the payment date. American Lawyer noted that the tender price including the consent payment is equal to the redemption price of the notes plus 25 basis points.

American Lawyer is also soliciting consents to amend the note indenture to eliminate substantially all the restrictive covenants and release the guarantees of the company's obligations under the indenture.

The tender expires at 5 p.m. ET on March 1.

Funding for the tender is expected to come from a fully committed $344 million financing provided by Credit Suisse First Boston, UBS Loan Finance LLC, UBS Securities LLC and General Electric Capital Corp.

Completion of the tender is subject to various conditions, including the company entering into the new credit facilities, the retirement of American Lawyer Media Holdings, Inc.'s 12¼% discount notes, the issuance of new notes by American Lawyer Media Holdings, Inc., and the receipt of the required consents.

American Lawyer said it intends to redeem any notes that remain outstanding after the tender.

Credit Suisse First Boston LLC (800 820-1653 or call collect 212 538-0652) and UBS Securities LLC (888 722-9555 x4210 or call collect 203 719-4210) are dealer managers, and MacKenzie Partners Inc. (800 322-2885 or call collect 212 929-5500) is information agent.

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