Published: February 10, 2012
Block Communications, Inc. Announces Results of Offer to Purchase
TOLEDO, Ohio, Feb. 10, 2012 /PRNewswire/ -- Block Communications, Inc. (the "Company") announced today the results of its previously announced cash tender offer and consent solicitation (the "Tender Offer") with respect to its outstanding 8 1/4% senior notes due 2015 (the "Old Notes"). The Tender Offer was made upon the terms and conditions of the Offer to Purchase and Consent Solicitation Statement dated January 12, 2012. As previously announced, as of 5:00 p.m. Eastern Time on January 26, 2012 (the "Early Tender Deadline"), $105,694,000.00 aggregate principal amount of Old Notes had been validly tendered and not withdrawn, which represented approximately 70.46% of the outstanding aggregate principal amount of the Old Notes (the "Early Tendered Notes"). On January 26, 2012 (the "Initial Acceptance Date"), the Company accepted for purchase and payment all of the Old Notes that were validly tendered at or prior to the Early Tender Deadline. Payment for the Early Tendered Notes was made on January 27, 2012 (the "Initial Payment Date"). Holders of Early Tendered Notes received $1,030.00 for each $1,000 principal amount of the Early Tendered Notes validly tendered, which included the consent payment of $10.00 per $1,000 principal amount of Old Notes, plus any accrued and unpaid interest up to, but not including, the Initial Payment Date. Since the Early Tender Deadline, no additional Old Notes have been tendered.
As previously announced, the Company will redeem all of the Old Notes that were not tendered under the Tender Offer pursuant to its optional redemption rights under the Old Notes and related indenture.
About Block Communications, Inc.
Block Communications, Inc, an Ohio corporation, is a privately held diversified media company with operations in cable television, commercial telecommunications, newspaper publishing and television broadcasting. The Company owns and operates Buckeye CableSystem, its cable system serving Toledo and Erie County, Ohio. Its cable system is a 870 MHz, hybrid fiber coaxial and two-way interactive system, enabling the Company to offer advanced products such as digital cable, high-speed data, telephony, high-definition television, video on demand and digital video recorder services. The Company also owns and operates a facilities-based commercial telecommunications business, Buckeye TeleSystem, serving commercial customers primarily in northwest Ohio and southeast Michigan. In addition, the Company publishes two daily metropolitan newspapers, the Pittsburgh Post-Gazette in Pittsburgh, Pennsylvania and The Blade in Toledo, Ohio, each of which is the dominant newspaper publication in its market. The Company also owns and operates five full power television broadcast stations and one wide coverage Class A digital television station. These television broadcast stations currently carry eight separate network affiliated channels and one independent channel in: Lima, Ohio; Louisville, Kentucky; Boise, Idaho; and Champaign-Springfield-Decatur, Illinois.
This press release may contain statements that constitute forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. The Company disclaims any obligation to update the forward-looking statements contained herein.
SOURCE Block Communications, Inc.
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