Corus Entertainment increases payment in consent solicitation for 8¾% notes, extends deadline

New York, July 25 - Corus Entertainment Inc. said it has increased the payment on offer in its solicitation of consents from holders of its $375 million of 8¾% senior subordinated notes due 2012.

In addition, the expiration is extended to 5 p.m. ET on July 28 from 5 p.m. ET on July 27.

Investors who deliver consents will now receive $7.50 per $1,000 principal amount, up from $6.25 previously.

As announced on July 14, the Calgary, Alta., media and entertainment company is seeking to improve its financial flexibility by increasing the restricted payments allowed under the note indenture by $65 million.

Corus needs the approval of holders of a majority of the notes.

Merrill Lynch & Co. is solicitation agent (contact Liability Management Group at 888 654-8637 or 212 449-4914). Global Bondholders Services Corp. is tabulation agent (866 924-2200 or 212 430-3774).

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