Valassis buys back $297.8 million of 8¼% notes in second quarter

By Angela McDaniels

Tacoma, Wash., July 29 - Valassis Communications Inc. repurchased $297.8 million principal amount of its 8¼% senior notes due 2015 during the second quarter, according to its earnings release for the quarter.

The majority of the repurchased notes - $269.9 million - were bought back through a tender offer that ended June 9. The remainder was repurchased in the open market.

The company said this debt reduction will result in an approximate net interest expense savings of $12 million in 2010 and $22.2 million in 2011.

As of June 30, $242.2 million principal amount of the notes remained outstanding.

The company ended the quarter with $228.7 million of cash and $481.1 million of net debt.

Based in Livonia, Mich., Valassis provides media and marketing services.

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