Emmis to Offer Notes

Media company Emmis Communications (EMMS Quote) said Thursday that its subsidiary, Emmis operating company, commenced an offer to purchase, at par value, all of the outstanding 6-7/8% senior subordinated notes due 2012.

The Indianapolis-based company is offering to purchase for $1,000 in cash a $1,000 principal amount of notes up to $339.6 million of the outstanding notes (asset sale offer). In addition, the company is offering to purchase for $1,000 in cash a $1,000 principal amount of notes the remaining $35.4 million of the outstanding notes (tender offer).

The asset sale offer, the tender offer and the consent solicitation will expire at midnight, New York City time, on Oct. 19, unless extended or earlier terminated.