LBI Media Holdings/LBI Media Complete Note Exchange Offer
October 3, 2013 at 12:51 PM (PT)
LBI MEDIA HOLDINGS, INC. and its LBI MEDIA, INC. wholly-owned subsidiary have completed their exchange offer for LBI MEDIA HOLDINGS' outstanding 11% Senior Discount Notes due 2013.
Holders of approximately $10.3 million in principal amount of the notes took part, and about $0.7 million remain outstanding. LBI expects to pay the consideration for the notes on OCTOBER 4th, paying pro rata distributions of $4 million in cash, $5 million in principal amount of LBI MEDIA 11 1/2%/13 1/2% PIK Toggle Second Priority Secured Subordinated Notes due 2020, and $1.8 million in principal amount of LBI MEDIA HOLDINGS 11% Senior Notes due 2017.