Block Communications tenders for 9¼% notes

New York, Dec. 5 - Block Communications, Inc. said it has begun a tender offer for its $175 million 9¼% senior subordinated notes due 2009.

The Toledo, Ohio, media company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, certain events of default and the subsidiary guarantees and to amend other provisions.

Pricing per $1,000 principal will be based on 50 basis points over the yield of the 1½% U.S. Treasury note due March 31, 2006. The total includes a consent payment of $30.00 per $1,000 that will only be paid to holders who tender with consents by the consent date. Pricing will be fixed at 2 p.m. ET on Dec. 16.

Holders who tender will be required to consent and vice versa.

The company will also pay accrued interest up to but excluding the initial payment date.

The consent deadline is 5 p.m. ET on Dec. 16 and the tender ends at midnight ET on Jan. 3.

Conditions for the tender include the receipt of consents from holders of a majority of the notes, execution of a supplemental indenture, completion of new debt financing to fund the tender and other customary conditions.

Banc of America Securities LLC is dealer manager and solicitation agent (High Yield Special Products at 888 292-0070 or call collect 704 388-9217). Global Bondholder Services Corp. is the information agent (866 924-2200, bankers and brokers call 212 430-3774).

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