Susquehanna Media tenders for all 7 3/8% notes due 2013

By Jennifer Chiou

New York, Jan. 18 - Susquehanna Media Co. announced the launch of a tender offer for any and all of its $150 million of 7 3/8% senior subordinated notes due 2013.

The company is also soliciting consents for amendments to the notes' indenture to eliminate most restrictive covenants, events of default, conditions of defeasance and related provisions.

For each $1,000 principal amount of notes, Susquehanna said it will determine its payout using the yield to maturity of the 3.375% Treasury due Feb. 15, 2008 plus 75 basis points.

Pricing will be set at 10 a.m. ET on Jan. 31.

Those who tender their holdings before the consent deadline at 5 p.m. ET on Jan. 31 will receive the $30.00 consent payment included in the payout.

The offer expires at midnight ET on Feb. 14, unless extended.

The offer is conditioned upon, among other things, the receipt of tenders from holders of a majority of notes and sufficient funds from the company's senior credit facility.

Wachovia Securities (866 309-6316 or call collect 704 715-8341) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 540-1500 or call collect 212 430-3774) is the information agent. J.P. Morgan Trust Co., NA is the depositary.

Susquehanna Media is a York, Pa., communications holding company for radio broadcasting and cable television entities.

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