Emmis Borrows Final $600,000 From Zell Agreement
January 31, 2012 at 4:09 AM (PT)
In an 8-K filing with the SEC, EMMIS COMMUNICATIONS CORP. said that it has made the final of its four available draws borrowing from $35 million available from SAM ZELL's ZELL CREDIT OPPORTUNITIES MASTER FUND, L.P.
The final $600,000 borrowed from ZELL makes a total of $31.9 million drawn from the Note Purchase Agreement between the parties. EMMIS has been buying back stock, most recently reacquiring 25,700 shares of its 6.25% Series A Cumulative Convertible Preferred Stock at an average of $21.50/share, making a total of 386,850 Preferred shares bought back and retired.