ÎçҹѰ»¨ Media LLC Announces Determination to Modify Terms of Its 0.75% Exchangeable Senior Debentures Due 2023
ENGLEWOOD, Colo., March 20 /PRNewswire-FirstCall/ -- ÎçҹѰ»¨ Media LLC ("ÎçҹѰ»¨") announced today that it has determined to modify the indenture related to its 0.75% Exchangeable Senior Debentures due 2023 (the "Debentures").
ÎçҹѰ»¨ intends to modify the terms of the Debentures, effective as of the expiration of the put period relating to the Debentures, to:
-- defer its ability to redeem the Debentures until April 5, 2013;
-- surrender its right to elect to pay holders of Debentures, in whole or
in part, with shares of Time Warner Inc. common stock upon maturity or
redemption of the Debentures -- rather, ÎçҹѰ»¨ would make such
payments solely in cash; and
-- increase the rate of interest accruing on the Debentures from 0.75% to
3.125% for all interest periods beginning on or after March 30, 2008.
The intended modifications are currently being reviewed with the trustee under the indenture, and ÎçҹѰ»¨ expects the intended modifications to be memorialized in a supplemental indenture. Once a supplemental indenture giving effect to these modifications is executed, ÎçҹѰ»¨ will issue a press release and a notice of amendment to its notice of put right, which will include a summary of the tax consequences of the modifications. The summary of the tax consequences of the modifications is also being filed, together with this press release, under cover of ÎçҹѰ»¨'s Form 8-K.
This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any Debentures. ÎçҹѰ»¨ has previously notified the holders of the Debentures of its obligation to repurchase the Debentures. The full details of ÎçҹѰ»¨'s repurchase obligation, including complete instructions on how to surrender Debentures, along with the form of Purchase Notice, were previously mailed to holders of Debentures.
SOURCE ÎçҹѰ»¨ Media LLC
Released March 20, 2008