American Lawyer buys 85% of 9¾% notes in tender, to call remainder

New York, March 7 - American Lawyer Media, Inc. said it completed its refinancing including its tender offer and consent solicitation for its $175 million principal amount of 9¾% senior notes due 2007. The company received tenders of 85% of the notes and bought all those tendered.

The remaining $26.9775 million of the notes were called for redemption on April 6.

The refinancing also included entry into a new credit agreement, the repurchase by the parent company American Lawyer Media Holdings, Inc. of all of its $80.261 million 12¼% senior discount notes due 2008 and the issuance of $23.0 million principal amount of 13% senior notes due 2013 in a private offering.

The tender offer expired at 5 p.m. ET on March 4 after being extended from March 1.

By the old deadline, holders had tendered 84.58% of the notes.

At its previous announcement on Feb. 11, American Lawyer Media said that all holders who tender by the expiration date 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.

As announced on Jan. 31, the New York legal media company was offering $1,018.75 per $1,000 principal amount for notes, including a $20.00 per $1,000 principal amount consent payment. It will paid 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 was 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.

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.

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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