Affinity institutional noteholders extend payment deadline to Jan. 12

By Caroline Salls

Pittsburgh, Dec. 30 - Affinity Group Holding, Inc. said the institutional holders of its 10 7/8% senior notes due 2012 who previously signed consents to extend the grace period for making an interest payment on the notes have now agreed to extend the interest payment date to Jan. 12 from Dec. 29, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, the company has retained a financial adviser and held discussions with the noteholders regarding a refinancing or restructuring of the debt of Affinity and its subsidiary, Affinity Group, Inc.

As part of those discussions, the company did not pay the interest due Aug. 15 on the notes.

The consenting institutional noteholders originally agreed to extend the payment date to Oct. 1, and that deadline has been extended numerous times.

The company said the consents from the non-institutional noteholders extended the payment date to five days after the termination of the institutional consents.

Affinity Group is a Ventura, Calif.-based direct marketing company.

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