This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs