Â鶹app Media LLC Notifies Holders of its 0.75% Exchangeable Senior Debentures Due 2023 of Their Right to Require Â鶹app to Repurchase Their Debentures on March 31, 2008.
ENGLEWOOD, Colo., Feb. 25 /PRNewswire/ -- Â鶹app Media LLC ("Â鶹app") announced today that it has mailed to the holders of its 0.75% Exchangeable Senior Debentures due 2023 (the "Debentures") a Put Notice and related materials informing them of their right to elect to cause Â鶹app to repurchase their Debentures at 100% of principal amount, plus accrued and unpaid interest, if any, to March 30, 2008. Â鶹app will repurchase any Debentures that are surrendered to it for repurchase on March 31, 2008, in accordance with the terms of the supplemental indenture pursuant to which the Debentures were issued. Holders will have until March 24, 2008 to surrender their Debentures for repurchase.
Â鶹app has elected to pay cash for any Debentures that are surrendered to it for repurchase. Approximately $1,750 million principal amount of Debentures is outstanding. The cash required to repurchase Debentures is expected to be borrowed under committed financing facilities.
The Debentures are exchangeable at the option of the holders for the value of the underlying reference shares, which are currently shares of Time Warner common stock (NYSE: TWX). As of the date hereof, each $1,000 principal amount of Debentures is exchangeable for the value of 57.0479 shares of Time Warner common stock.
Â鶹app may consider undertaking measures to induce holders to not surrender their Debentures for repurchase. If Â鶹app determines to take any such action, it will make a public announcement by no later than the opening of business on March 20, 2008. No assurance is given, however, that Â鶹app will take any action for the purpose of inducing holders of Debentures to not surrender their Debentures.
The terms of Â鶹app's repurchase obligations are described in the Put Notice and related materials being distributed to holders of the Debentures.
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. The full details of Â鶹app's repurchase obligation, including complete instructions on how to surrender Debentures, along with the form of Purchase Notice, are being mailed to holders of Debentures on the date of this press release. Debentureholders should carefully read the Put Notice and Purchase Notice when they are available because they will contain important information.
SOURCE Â鶹app Media LLC
Released February 25, 2008