Globo calls its series A and B senior secured notes

By Laura Lutz

Des Moines, July 20 - Globo Comunicação e Participações SA will redeem its existing series A and B senior secured notes due 2011 on Oct. 20, according to a company release.

Globo plans to pay $10.322 million in principal and $219,000 in interest for its outstanding series A1 notes; $13.414 million in principal and $512,000 in interest for its series A2 notes; and $176.115 million in principal and $3.247 million in interest for its series B notes.

In addition to operating cash, this redemption will use $110 million from the debt service reserve account, which will be drawn down in full.

"Debt will now be reduced by more than $1.3 billion compared to the amount as of June 2005. Including the $325 million of the perpetual notes, the total outstanding debt will amount approximately to $650 million," Roberto Irineu Marinho, president of Globo Organizations, said in the release.

Globo is a Rio de Janeiro, Brazil, media company.

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