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LBI holders tender $10.3 million 11% discount notes in exchange offer
By Susanna Moon
Chicago, Oct. 3 - LBI Media Holdings, Inc. said holders tendered about $10.3 million of its 11% senior discount notes due 2013 in the exchange offer that began on Aug. 28.
In exchange, holders will receive pro rata distributions of $4 million in cash, $5 million principal amount of 11½%/13½% pay-in-kind toggle second-priority secured subordinated notes due 2020 issued by LBI Media Inc. and $1.8 million principal amount of 11% senior notes due 2017 issued by LBI Media Holdings, according to a company press release.
After settlement on Oct. 4, there will be about $700,000 principal amount of notes outstanding.
LBI previously said holders of 46% of the notes not held by the issuers or affiliates had agreed to participate.
D.F. King & Co. is the information agent (212 269-5550).
LBI Media is a Burbank, Calif.-based Spanish-language radio and television broadcaster.
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