Primedia calls series D, F preferreds, 7 5/8% notes; repays $40 million of term loans

By Caroline Salls

Pittsburgh, April 11 - Primedia Inc. said it will redeem all $167 million of its outstanding $10.00 series D preferred stock, $96 million of $9.20 series F preferred stock and $80 million of its 7 5/8% senior notes due 2008 on May 11.

In connection with the redemption of the preferred stock, Primedia has repaid its outstanding $5 million in term loans A and $35 million term loans B and reduced its total revolving loan commitments by $30 million.

The series D preferred stock is callable at a price of 101% of the liquidation preference plus accrued dividends, the series F preferreds at par plus accrued dividends and the notes at 101.271% of the principal amount plus accrued interest.

Following the redemption, there will be $146 million of the notes outstanding.

Primedia is a New York-based targeted media company.

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