ION Media Networks received over 90% participation in exchange offers for two series of outstanding preferred stock that expired on Friday.
The company has accepted 90.6% of the outstanding shares of 14.25% cumulative junior exchangeable preferred stock and 95.6% of the outstanding shares of the 9.75% series A convertible preferred stock.
As part of the exchange, the company will issue $458.8 million aggregate principal amount of 11% series A mandatorily convertible senior subordinated notes due 2013 and $33.8 million of 12% series B mandatorily convertible preferred stock to holders who tendered the outstanding preferred in the offer.
The company also announced that a majority of holders of the total voting power of its outstanding voting stock approved the proposed amendments to the terms of each series of senior preferred stock.
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The exchange offer is part of a recapitalization plan launched to take ION private by Citadel Investment Group.
