Affinity Group buys back $17.695 million of 9% notes from chairman

By Angela McDaniels

Seattle, March 14 - Affinity Group, Inc. repurchased $17.695 million of its 9% senior subordinated notes due 2012 from the company's chairman at 102.125 on March 9, according to an 8-K report filed with the Securities and Exchange Commission on Wednesday.

The price paid approximated the bid price for the notes on the purchase date.

There are now $152.4 million principal amount of the notes outstanding.

The company said it used $25 million of term loans under its series A incremental term loan agreement to fund the repurchase.

Affinity Group amended its credit facility on Feb. 27 to allow for the repurchase of up to $50 million of the 9% notes with proceeds from a $50 million incremental term loan.

The Ventura, Calif.-based direct marketing company said it used the remainder of the incremental term loan to pay down its revolving credit facility by $6.5 million and to pay loan fees and expenses.

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