Valassis investors tender $488.58 million 8¼% senior notes due 2015

By Devika Patel

Knoxville, Tenn., June 10 - Valassis Communications Inc. said that $488.58 million of its 8¼% senior notes due 2015 was tendered as part of a cash tender offer for up to $270 million of the notes. The company said it accepted $269.88 million of the notes, or approximately 55% of the tendered securities, on a pro rata basis.

The offer began on May 12 and ended at midnight ET on June 9. Settlement is expected on June 11.

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

J.P. Morgan Securities Inc. was the dealer manager (800 245-8812 or call collect 212 270-3994). Wells Fargo Bank, NA was the depositary, and i-Deal LLC was 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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