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Correction: CBD Media seeks tenders, consents for 9¼%, 8 5/8% notes
The Sept. 12 issue of the Prospect News High Yield Daily incorrectly reported the coupon of senior subordinated notes due 2012 involved in a tender offer by CBD Media Holdings LLC. The senior subordinated notes have a coupon of 8 5/8%. A corrected version of the story follows:
CBD Media seeks tenders, consents for 9¼%, 8 5/8% notes
By Laura Lutz
Des Moines, Sept. 11 - CBD Media Holdings LLC launched tender offers and consent solicitations for all of its $100 million principal amount of 9¼% senior notes due 2012 and $147.8 million of 8 5/8% senior subordinated notes due 2011.
The 9¼% notes were co-issued by CBD Media and CBD Holdings Finance, Inc. The 8 5/8% notes were co-issued by CBD Media LLC and CBD Finance, Inc.
The tender offer expires on Oct. 9.
For 9¼% notes tendered before 5 p.m. ET on Sept. 24, the consent deadline, the payout will be based on 50 basis points over the 5% U.S. Treasury due July 31, 2008.
For each $1,000 principal amount of 8 5/8% notes tendered before the consent deadline, the payout will be $1,045.63.
The payout for each $1,000 principal amount of notes includes a consent payment of $30. Notes tendered after the consent deadline will not receive the consent payment.
The company is seeking to amend the note indentures to eliminate substantially all restrictive covenants and some events of default.
Holders who tender notes must deliver consents.
Settlement of the offer depends on conditions including the receipt of tenders from holders of a majority of each series of notes and the receipt of proceeds from a planned securitization transaction.
Lehman Brothers (800 438-3242 or collect 212 528-7581) is the solicitation agent. D.F. King & Co., Inc. (800 431-9643 or collect 212 269-5550) is the information agent.
Cincinnati-based CBD Media Holdings is the parent of CBD Media LLC, a publisher of yellow pages.
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