Liberman Finalizes Exchange Offers
December 27, 2012 at 7:51 AM (PT)
LIBERMAN BROADCASTING, LBI MEDIA HOLDINGs and LBI MEDIA announced the final results of their previously announced private exchange offers regarding its outstanding Senior Subordinated Notes due 2017:
Approximately $174.6 million, or 76.3%, of the outstanding principal amount of Old Senior Subordinated Notes had been validly tendered and not withdrawn in exchange for Second Priority Secured Subordinated Notes and Warrants, and approximately $30.9 million, or 73.8%, of the outstanding principal amount of Discount Notes not held by Holdings had been validly tendered and not withdrawn, of which approximately $10.2 million had been validly tendered in exchange for Second Priority Secured Subordinated Notes and approximately $20.7 million had been validly tendered in exchange for Holdings Notes.
Based on the principal amount of Old Notes validly tendered, not withdrawn and accepted, approximately $115.2 million aggregate principal amount of Second Priority Secured Subordinated Notes, $21.1 million aggregate principal amount of Holdings Notes and 106.1559 Warrants will be issued in exchange for such Old Notes.
The Companies anticipate that the settlement date for the Exchange Offers will be DECEMBER 31st, 2012, or such later date as a holder returns a properly completed beneficial ownership information form to D. F. KING. The Company also expects to make the consent payment for the Concurrent Consent Solicitation on DECEMBER 31st, 2012 upon settlement of the Exchange Offers.