Citadel Broadcasting buys back some convertibles due 2011

By Susanna Moon

Chicago, July 15 - Citadel Broadcasting Corp. bought back some of its amended convertible subordinated notes due 2011, according to an 8-K filing with the Securities and Exchange Commission.

The company said it completed several private deals at various prices as of July 11.

The current principal amount of notes outstanding is $128.11 million.

Under terms of the amended notes, because the principal amount outstanding will be less than $165 million as of Dec. 31, the interest rate will not be retroactively reset to 6% annually for the year ended Dec. 31 and will not be reset for 2009 to the rate required for the notes to trade at par.

Citadel is a Las Vegas-based radio broadcasting company.

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