Valassis starts tender offer for up to $270 million of 8¼% notes

By Jennifer Chiou

New York, May 12 - Valassis Communications Inc. announced the launch of a cash tender offer for up to $270 million of its 8¼% senior notes due 2015.

On April 29, Alan F. Schultz, Valassis' chief executive officer, said in a conference call that the company was analyzing options for repurchasing the notes after amending its senior secured credit agreement in April to allow for the repurchase of up to $325 million of the securities.

Under the amendment, Valassis has through April 15, 2011 to repurchase the notes.

The offer will end at midnight ET on June 9.

The company is offering $1,070 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date.

If tenders are received in excess of the cap, notes will be accepted on a pro rata basis.

There is no minimum tender condition.

J.P. Morgan Securities Inc. is the dealer manager (800 245-8812 or call collect 212 270-3994). Wells Fargo Bank, NA is the depositary, and i-Deal LLC is the information agent (877 746-3583 or call collect 201 499-3500).

Based in Livonia, Mich., Valassis is a provider of media and marketing services.

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