LBI Extends Exchange Offer, Consent Deadline To November 13th
November 5, 2012 at 4:45 AM (PT)
LBI MEDIA and LBI MEDIA HOLDINGS have again extended the expiration date of their previously announced note exchange offers and consent solicitation to 5p (ET) on NOVEMBER 13th. The companies previously extended the date to TODAY (11/5) at 5p (ET).
As previously reported (NET NEWS 10/26), the companies are offering to swap LBI MEDIA's of outstanding 8½% Senior Subordinated Notes due 2017 for new 11% second priority secured springing subordinated notes due 2020; and $41.8 million of LBI MEDIA HOLDINGS' outstanding 11% senior discount notes due 2013 for either Second Priority Secured Springing Subordinated Notes, or HOLDINGS' new 11% senior notes due April 30, 2017. The companies are also seeking consent to amendments to indentures for the old notes, and say that as of the former expiration date of THURSDAY (10/25), it had received tender of about $60.5 million, or 26.4%, of the outstanding old LBI MEDIA notes and about $29.1 million, or 69.6%, of the outstanding HOLDINGS discount notes.
HOLDINGS recently informed the SEC that it had missed a $3.8 million interest payment on OCTOBER 15th and is in the 30-day grace period for payment (NET NEWS 10/22).