Jones Media abandons tender

New York, April 6 - Jones Media Networks Ltd. said that it and its wholly owned subsidiary JPN Inc. have terminated their tender offer and consent solicitation for up to $65 million of Jones Media's $100 million principal amount of 11¾% senior secured notes due 2005.

Tendered notes will be promptly returned to the holders.

Jones Media did not explain the termination in its announcement.

At the last announcement on March 23, Jones Media extended the consent deadline to 5 p.m. ET on April 6 instead of 5 p.m. ET on March 23. It was originally due to end on March 15. The tender expiration was extended to 5 p.m. ET on April 13 instead of April 1.

Jones Media announced the offer on March 4.

Under the tender, Jones Media was offering to pay $1,010 per $1,000 principal amount for the notes plus accrued interest up to but not including the payment date.

Holders who tendered by the consent deadline would also have received a consent payment of $10 per $1,000 principal amount.

At the closing of the offer, an affiliate of Jones Media that owns the remaining $35 million of notes had agreed to exchange them for new debt and preferred stock.

Conditions to the offer included receipt of consents from holders of at least a majority of the notes, the tender of at least $60 million of notes, completion of the exchange with the affiliate and completion of financing.

Jones Media is an Englewood, Colo., radio and cable television operator.

Deutsche Bank Securities Inc. is the dealer manager (contact Alexandra Barth at 212 250-5655). Citigate Financial Intelligence is the information agent (877 746-3583).

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