American Media seeking to ease covenants

New York, June 13 - American Media, Inc. said it is in the process of amending its bank credit facility to make the financial covenants less restrictive.

The proposed changes would apply up to the facility's maturity in April 2007, the Boca Raton, Fla., magazine publisher said.

American Media expects to complete the changes by June 23.

It noted that it has had discussions with Standard & Poor's and Moody's Investors Service and both are reviewing its ratings.

As of March 31, American Media was in compliance with the covenants.

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