Icahn prices tender offer for Lions Gate's convertibles

By Susanna Moon

Chicago, March 17 - Lions Gate Entertainment Corp. investor Carl Icahn said the company priced the tender offer for Lions Gate Entertainment Inc.'s $150 million of 2.9375% convertible senior subordinated notes due 2024 and $175 million of 3.625% convertible senior subordinated notes due 2025, according to a news release from the investor.

For each $1,000 of principal amount, Icahn said it will pay $750 for the 2.9375% convertibles and $730 for the 3.625% convertibles plus accrued interest to the purchase date.

D.F. King & Co., Inc. (Edward McCarthy or Kristian Klein at 212 269-5550) is the information agent.

As previously noted, Icahn had been in discussions with the company about adding some designees to the board of directors. In a statement included in a schedule 13D/A filing with the Securities and Exchange Commission, Icahn said these discussions were recently terminated because agreement could not be reached about some aspects of the standstill agreement that Lions Gate required as a condition to installing those board members.

The investor and his affiliates own 14.5% of the company's common stock.

Lions Gate is a Santa Monica, Calif., entertainment studio.

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