Business News
American Media Operations, Inc. Announces Extension and Amendment of its Cash Tender Offers and Related Consent Solicitations for Outstanding Senior Subordinated Notes
Wednesday 01. October 2008 - American Media, Inc. ("AMI") announced today that its subsidiary American Media Operations, Inc. ("AMOI") has extended the expiration date for and amended its previously announced cash tender offers (the "Tender Offers") and consent solicitations (the "Consent Solicitations") in respect of an aggregate of approximately $570 million of its outstanding senior subordinated notes (the "Existing Notes")
American Media, Inc. (“AMI”) announced today that its subsidiary American Media Operations, Inc. (“AMOI”) has extended the expiration date for and amended its previously announced cash tender offers (the “Tender Offers”) and consent solicitations (the “Consent Solicitations”) in respect of an aggregate of approximately $570 million of its outstanding senior subordinated notes (the “Existing Notes”), consisting of (1) $400,000,000 aggregate principal amount of 10-1/4% Series B Senior Subordinated Notes due 2009 (CUSIP No. 02744RAH0) and $14,544,000 aggregate principal amount of 10-1/4% Series B Senior Subordinated Notes due 2009 (CUSIP No. 02744RAM9) (collectively, the “2009 Notes”) and (2) $150,000,000 aggregate principal amount of 8-7/8% Senior Subordinated Notes due 2011 (CUSIP No. 02744RAK3) and $5,454,000 aggregate principal amount of 8-7/8% Senior Subordinated Notes due 2011 (CUSIP No. 02744RAP2) (collectively, the “2011 Notes”).
The Tender Offers and Consent Solicitations, which were originally scheduled to expire at 11:59 p.m., New York City time, on September 25, 2008, and were previously extended until 5:00 p.m., New York City time, on September 30, 2008, are being further extended until 5:00 p.m., New York City time, on October 28, 2008 (the “Expiration Time”), unless further extended. In addition, AMOI has amended the terms of the Tender Offers and Consent Solicitations to provide that the Tender Offers and Consent Solicitations are being made to holders of record of Existing Notes as of 5:00 p.m. on October 27, 2008. All other terms, provisions and conditions of the Tender Offers and Consent Solicitations will remain in full force and effect.
AMOI also announced the expiration of its agreements with holders of approximately 32.6% of the outstanding aggregate principal amount of 2009 Notes and approximately 50.8% of the outstanding aggregate principal amount of 2011 Notes pursuant to which such holders had agreed to validly tender and not validly withdraw their Existing Notes and validly deliver and not validly revoke the corresponding consents with respect to such series of Existing Notes. AMOI also announced today that it is engaged in discussions with an ad hoc committee of holders of Existing Notes regarding the possible amendment of the Tender Offers and Consent Solicitations.
The Tender Offers and Consent Solicitations are being made pursuant to the Offer to Purchase and Consent Solicitation Statement, as amended, and the related Letter of Transmittal and Consent, and the Consent Solicitation Statement, as amended, and the related Letter of Consent, each dated August 26, 2008, which more fully set forth the terms of the Tender Offers and the Consent Solicitations. Eligible holders who wish to receive the total consideration must validly tender and not validly withdraw their Existing Notes on or prior to the Expiration Time. All other holders who wish to receive the consent payment must validly consent and not validly revoke their consents on or prior to the Expiration Time.