Emmis starts repurchase, tender offers for 6 7/8% notes due 2012

By Jennifer Chiou

New York, Sept. 21 - Emmis Communications Corp. said its subsidiary, Emmis Operating Co., began offers for all of its 6 7/8% senior subordinated notes due 2012.

In an asset sale offer, the company is offering to purchase $339.6 million of notes while tendering for the remaining $35.4 million.

The Indianapolis media company is also soliciting consents for proposed amendments to the note indenture, which would eliminate substantially all of the restrictive covenants and certain events of default.

The company said it will pay par in cash for both offers. Emmis said noteholders will receive accrued interest up to but excluding the payment date.

Emmis is seeking consents from a majority of noteholders. The asset sale offer is not subject to any minimum.

Holders may not deliver consents without tendering and may not tender notes into the tender offer without tendering in the asset sale offer.

The offers end at midnight ET on Oct. 19.

Georgeson Shareholder Communications Inc. is the information agent (866 628-6045 or call collect 212 440-9800). Banc of America Securities LLC (888 292-0070 or call collect 704 387-4206) and Deutsche Bank Securities (800 553-2826 or call collect 212 250-7772) are the dealer managers.

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