E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Add to balance / Manage account  User:  Log out
Prospect News home > News index > List of issuers L > Headlines for LodgeNet Entertainment Corp. > News item
Published on 4/10/2007 in the Prospect News High Yield Daily.

LodgeNet sets pricing, gets necessary consents for 9½% notes

By Jennifer Chiou

New York, April 10 - LodgeNet Entertainment Corp. announced the receipt of the required consents to amend its $200 million of 9½% senior subordinated notes due 2013 by the consent deadline of 5 p.m. ET on April 9.

The company is soliciting consents to, among other things, eliminate the covenants in the indenture. LodgeNet said it will execute a supplemental indenture.

The offer expires at 8 a.m. ET on April 23. It began on March 26.

For each $1,000 principal amount, the company said it will pay $1,090.11. LodgeNet determined the payout using the 4.875% Treasury note due May 31, 2008 and a fixed spread of 50 basis points. The payout includes a $30.00 consent payment for those who tendered by the early deadline.

Pricing was set on April 9.

The company said it will also pay accrued interest up to the settlement date.

LodgeNet already said it would fund the offer by increasing the size of the term loan component of the previously announced senior secured credit facilities it expects to enter into as part of the acquisition of Ascent Entertainment Group, Inc., the parent of On Command Corp. LodgeNet added that it will use a portion of its new $675 million credit facility for the offer.

Holders who tender must deliver consents.

The offer is conditioned on sufficient consents, sufficient funding and the closing of the acquisition.

Bear, Stearns & Co. Inc. (call collect 212 272-5112 or 877 696-BEAR) and Credit Suisse Securities (USA) LLC (call collect 212 325-7596) are the dealer managers and solicitation agents. D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 888 644-5854).

LodgeNet is a Sioux Falls, S.D.-based provider of interactive TV and broadband products to hotels.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.