Business Services Industry
PRIMEDIA Inc. Announces Cash Tender Offers and Related Consent Solicitations for Its Senior Floating Rate Notes Due 2010, 8 7/8% Senior Notes Due 2011 and 8% Senior Notes Due 2013
Business Wire, June 27, 2007
The Company expects to pay for Notes that have been validly tendered and not withdrawn prior to the Consent Payment Deadline and that are accepted for payment, promptly following the date on which all conditions to the tender offers have been satisfied or waived. For Notes that have been validly tendered after the Consent Payment Deadline and that are accepted for payment, the Company will make payment promptly following the tender offer expiration date.
The tender offer and consent solicitation for each series of Notes is conditioned on the satisfaction or waiver of certain conditions including, but not limited to:
* The tender on or prior to the Consent Payment Deadline of Notes representing a majority of the principal amount of such Notes outstanding;
* The execution by the trustee of the supplemental indentures implementing the proposed amendments following receipt of the requisite consents; and
* All of the conditions precedent to the sale of PRIMEDIA Enthusiast Media Inc. having been satisfied or waived and the closing of the sale having occurred or occurring substantially concurrently with the first payment date.
The Company has retained Goldman, Sachs & Co. and Lehman Brothers Inc. to act as the Dealer Managers for the tender offers and Solicitation Agents for the consent solicitations. Persons with questions regarding the tender offers and the consent solicitations should contact Goldman, Sachs & Co. at (877) 686-5059 (toll-free) or (212) 902-9077 (collect) or Lehman Brothers Inc. at (800) 438-3242 (toll-free) or (212) 528-7581 (collect). Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll free).
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The offers to buy the Notes only are being made pursuant to the tender offer and consent solicitation documents, including the Offer to Purchase that the Company is distributing to holders of Notes. The tender offers and consent solicitations are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the tender offers or consent solicitations are required to be made by a licensed broker or dealer, they shall be deemed to be made by Goldman, Sachs & Co. and Lehman Brothers Inc. on behalf of the Company.
About PRIMEDIA
PRIMEDIA Inc. is the parent company of Consumer Source Inc., the #1 publisher and distributor of free consumer guides in the U.S. with Apartment Guide, Auto Guide, and New Home Guide, distributing free consumer publications through its proprietary distribution network, DistribuTech, in more than 60,000 locations. Consumer Source owns and operates leading websites including ApartmentGuide.com, AutoGuide.com, NewHomeGuide.com; and America's largest online single unit rental property business, comprised of RentClicks.com, RentalHouses.com, HomeRentalAds.com, and Rentals.com.
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