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GCI, Inc. Receives Required Consents To Amend Indenture In Connection With Consent Solicitation And Tender Offer For Its 7.25% Senior Notes Due 2014

Stocks in this article: GNCMA

ANCHORAGE, Alaska, May 23, 2011 /PRNewswire/ -- General Communication, Inc. (Nasdaq: GNCMA) announced today that its wholly owned subsidiary, GCI, Inc. ("GCI"), received tenders and consents from the holders of $287,191,000, or approximately 89.75%, of its $320,000,000 outstanding principal amount of 7.25% Senior Notes due 2014 (collectively, the "Notes") by the expiration of the consent payment deadline, 5:00 P.M., New York City time, on May 20, 2011 (the "Consent Date"). The consents received exceeded the number needed to approve certain proposed amendments to the indenture governing the Notes. The terms of the tender offer and consent solicitation for the Notes (the "Offer") are described in GCI's Offer to Purchase and Consent Solicitation Statement dated May 9, 2011, copies of which may be obtained from D.F. King & Co., Inc.

Pursuant to the terms of the Offer, GCI has accepted all Notes tendered on or prior to the Consent Date, and holders who tendered such Notes will receive the total consideration of $1,014.58, consisting of (i) the tender price of $1,004.58 and (ii) the consent payment of $10.00, per $1,000 principal amount of Notes. Holders who validly tender their Notes after the Consent Date but on or prior to the expiration of the tender offer at 12:00 midnight, New York City time, on June 6, 2011, unless extended (the "Expiration Date") will receive the tender price of $1,004.58 per $1,000 principal amount of Notes. In either case, Holders who validly tender their Notes also will be paid accrued and unpaid interest up to, but not including, the applicable date of payment for their Notes.

Based on the consents received, GCI and the trustee under the indenture governing the Notes have entered into a supplemental indenture that eliminates substantially all of the restrictive covenants and makes other revisions to the indenture. In addition, GCI intends to discharge its remaining obligations under the indenture governing the Notes by redeeming any remaining Notes in accordance with the terms of the indenture.

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