LBI Media calls 10 1/8% notes

By Jennifer Chiou

New York, July 23 - LBI Media, Inc. will redeem all of its $150 million of 10 1/8% senior subordinated notes due 2012 on Aug.22, according to an 8-K filing with the Securities and Exchange Commission.

The Burbank, Calif.-based operator of Spanish-language radio and television stations will redeem the notes at 105.0625 plus accrued interest to the redemption date.

The company said that the total payment will be $159.2 million, or $1,061.04 per $1,000 principal amount of old notes.

On July 18, LBI Media priced a $228.775 million issue of 8½% 10-year senior subordinated notes (B2/CCC+) at 98.350 to yield 8¾%. Part of the $225 million of proceeds will be used to refinance the company's 10 1/8% notes.

U.S. Bank NA is the trustee.

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