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Article: PRIMEDIA Prices $175 Million of Senior Floating Rate Notes and Intends to Enter into a New $100 Million Term Loan.
- Article from:
- Business Wire
- Article date:
- May 10, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
NEW YORK--(BUSINESS WIRE)--May 10, 2004
PRIMEDIA Inc. (NYSE:PRM) announced that it priced a $175 million offering of Senior Floating Rate Notes Due 2010 and intends to enter into a new $100 million term loan credit facility with a maturity date of December 30, 2009 fully underwritten by certain of its existing lenders. The Senior Floating Rate Notes will bear interest at LIBOR plus 5.375%. These transactions are in lieu of its previously announced offering of $275 million of Senior Floating Rate Notes Due 2010.
The Company intends to use the proceeds of the Senior Floating Rate Notes Due 2010 and the new term loan to repay ...