Network Communications extends exchange offer for 10¾% notes due 2013

By Melissa Kory

Cleveland, Dec. 17 - Network Communications, Inc. extended its exchange offer and consent solicitation for its $175 million outstanding of 10¾% senior notes due 2013 to 5 p.m. ET on Dec. 20, according to a company release.

Earlier in the day it pushed back the expiration to 11:59 p.m. ET on Dec. 17 from Dec. 16.

As of 5 p.m. ET on Dec. 17, the company had received tenders and tender commitments for $172.3 million, or 98.5%, of the notes. That was up from $172 million as of 5 p.m. ET on Dec. 16.

The offer was previously extended on Dec. 16 from the previous Dec. 15 expiration.

The company is also soliciting acceptances of a pre-packaged plan of reorganization that it will pursue in Chapter 11 bankruptcy if the exchange offer is unsuccessful.

Holders who exchange will receive their pro rata share of 100% of the company's new common stock and their pro rata share of $45 million of new senior subordinated pay-in-kind notes.

The closing of the exchange offer is conditioned on the receipt of tenders for all of the notes and the execution of an amended and restated credit agreement by 100% of the lenders under the company's senior bank credit facilities. The latter condition has been met.

The exchange offer is being made only to qualified institutional buyers and institutional accredited investors inside the United States and to certain non-U.S. investors located outside the United States.

The information agent is Kurtzman Carson Consultants, LLC (917 281-4800).

Network Communications is a Lawrenceville, Ga.-based media company that provides lead generation, advertising and internet marketing services to the housing industry.

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