American Media again extends offers for its 14% notes, 9% PIK notes

By Susanna Moon

Chicago, Sept. 30 - American Media, Inc. said American Media Operations, Inc. once more extended the private exchange offer for its $356 million of 14% senior subordinated notes due 2013 and the tender offer for its $23.7 million of 9% senior pay-in-kind notes due 2013.

The offers will now expire at 5 p.m. ET on Oct. 15, extended from Sept. 30. They were previously extended from Sept. 15, Aug. 25 and, prior to that, Aug. 11.

As of 5 p.m. ET on Sept. 29, holders had tendered $344.2 million principal amount, or 96.7%, of the 14% notes and $23.7 million principal amount, or 99.9%, of the PIK notes. These figures are unchanged from Aug. 24.

As previously noted, American Media Operations is considering some amendments to the offers, but in the meantime all other terms and conditions for the offers remain in effect.

American Media Operations is offering $269.52 in cash and 335.62 shares of common stock for each $1,000 principal amount of 14% notes and $1,020 in cash for each $1,000 principal amount of 9% PIK notes.

The company is also soliciting consents to amend the indentures governing the notes to remove substantially all of the restrictive covenants and some events of default.

The offers began July 15.

American Media is a New York-based publisher of celebrity journalism and health and fitness magazines.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.