Block Communications starts cash tender for $150 million 8¼% notes

By Jennifer Chiou

New York, Jan. 12 - Block Communications Inc. announced a cash tender offer for its $150 million of 8¼% senior notes due 2015.

The company is also soliciting consents to proposed amendments to the indenture that would eliminate most of the restrictive covenants and certain events of default and modify certain other provisions. It is seeking consents from holders of at least a majority of the notes.

For each $1,000 principal amount, the company is offering $1,030, including an early tender premium/consent payment of $10.00 for those who tender prior to 5 p.m. ET on Jan. 26. Block will also pay accrued interest to the payment date.

The offer will end at 11:59 p.m. ET on Feb. 9.

Bank of America Merrill Lynch is the dealer manager (888 292-0070 or call collect 646 855-3401). The information agent is Global Bondholder Services Corp. (866 470-3900 or 212 430-3774 for banks and brokers).

Block Communications is a Toledo, Ohio-based media company with operations in cable television, telecommunications, newspaper publishing and television broadcasting.

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