ION Media issues 11%, 12% preferreds in exchange for 13.25% preferreds

By Jennifer Chiou

New York, Dec. 21 - ION Media Networks, Inc. exchanged 3,975 shares of its 13.25% cumulative junior exchangeable preferred stock, currently accruing dividends at 14.25%, for $24.76 million of its 11% series A mandatorily convertible senior subordinated notes 2013 and $6.36 million of its 12% series B mandatorily convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

In the exchange with the noteholder, the company issued $6,230 of series A notes and $1,600 stated liquidation preference of series B preferreds per 13.25% preferred share.

On July 30, the company said it accepted tenders for 90.6% of its 13.25% preferreds.

ION is a network television broadcast company based in West Palm Beach, Fla.

© 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.