Susquehanna Media sets pricing, accepts tenders for all 7 3/8% notes due 2013

By Jennifer Chiou

New York, Feb. 1 - Susquehanna Media Co. announced it obtained tenders and consents for all of its $150 million of 7 3/8% senior subordinated notes due 2013 as of 5 p.m. ET on Jan. 31, the consent deadline.

For each $1,000 principal amount of notes, Susquehanna said it will pay $1,081.76, including the $30.00 consent payment. The company determined its payout using the yield to maturity of the 3.375% Treasury due Feb. 15, 2008 plus 50 basis points.

On Jan. 25, the company upped the payout by tightening the fixed spread in the tender to 50 bps from 75 bps.

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

Because Susquehanna accepted all of the notes, it does not expect to execute a supplemental indenture.

Pricing was set at 10 a.m. ET on Jan. 31.

The offer was previously set to expire at midnight ET on Feb. 14.

The offer was 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.

The company started the offer on Jan. 18.

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

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