American Media receives consents to amend 10¼%, 8 7/8% notes

By Laura Lutz

Des Moines, Nov. 3 - American Media Operations, Inc. entered consent agreements with holders of 63.8% of its outstanding 10¼% series B senior subordinated notes due 2009 and holders of 69.9% of its outstanding 8 7/8% senior subordinated notes due 2011, according to an 8-K filing with the Securities and Exchange Commission.

The company announced that it was soliciting consents for the agreement on Oct. 27.

The company will pay $2.50 per $1,000 principal amount of notes to consenting noteholders.

Under the agreements, the company will amend the note indentures to extend the date by which it is required to file reports with the Securities and Exchange Commission. The 10-Q for the quarter ended Dec. 31, 2005 and the 10-K for the year ended March 31 will be due Jan. 16, 2007; the 10-Q for the quarter ended June 30, the 10-Q for the quarter ended Sept. 30 and the 10-Q for the quarter ended Dec. 31 will be due Feb. 15.

In addition, the company may extend those deadlines for a payment to noteholders equal to $1.25 per $1,000 principal amount of notes.

American Media is a Boca Raton, Fla., magazine publisher.

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