American Media extends expiration date for tender and exchange offers

By Devika Patel

Knoxville, Tenn., Aug. 12 - American Media, Inc. said it has extended the expiration date for its exchange offer for the company's $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 deadline to submit notes for these offers will now be 9 a.m. ET on Aug. 25.

The offers launched on July 15. They were expected to expire at 9 a.m. ET on Aug. 11.

As of 9 a.m. ET on Aug. 11, about $344.2 million, or about 96.7%, of the 14% notes had been tendered and approximately $23.7 million, or approximately 99.9%, of the 9% notes had been tendered in the offers.

As previously reported, the company is offering $269.52 in cash and 335.62 shares of common stock for each $1,000 in 14% notes.

The company will pay $1,020 per $1,000 in 9% notes.

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

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

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