SIOUX FALLS, S.D., Sept. 20 /PRNewswire-FirstCall/ -- LodgeNet
Interactive Corporation, (Nasdaq: LNET), today announced that it
intends to offer $435 million
aggregate principal amount of senior secured second lien notes due
2016 (the "Notes") and to enter into a commitment for a new first
lien revolving credit facility of up to $25
million.
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The Notes will be offered in a private offering, subject to
market and other customary conditions. The Company intends to
use the net proceeds from the offering to fully repay borrowings
and to terminate the commitments under the Company's existing
credit facilities, pay certain financing and swap breakage fees and
for general corporate purposes. Following the closing of the
offering, the Company also intends to enter into a new first lien
revolving credit facility of up to $25
million. The principal purpose of the transactions is
to extend the maturity of the Company's indebtedness and to provide
the Company with greater flexibility in executing its business
plan.
This notice does not constitute an offer to sell or a
solicitation of an offer to buy securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful. Any offers of the
Notes will be made only by means of a private offering memorandum.
The Notes have not been registered under the Securities Act
or the securities laws of any other jurisdiction and may not be
offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
About LodgeNet Interactive
LodgeNet Interactive Corporation is the leading provider of
media and connectivity solutions designed to meet the unique needs
of hospitality, healthcare and other guest-based businesses.
LodgeNet Interactive serves approximately 1.9 million hotel
rooms worldwide in addition to healthcare facilities throughout
the United States. The
Company's services include: Interactive Television Solutions,
Broadband Internet Solutions, Content Solutions, Professional
Solutions and Advertising Media Solutions. LodgeNet
Interactive Corporation owns and operates businesses under the
industry leading brands: LodgeNet, LodgeNetRX, and The Hotel
Networks. LodgeNet Interactive is listed on NASDAQ and trades
under the symbol LNET. For more information, please visit
www.lodgenet.com.
Special Note Regarding Forward-Looking Statement
The statements in this press release regarding the proposed
private placement and its terms, including the proposed use of
proceeds, are forward-looking statements that involve risks and
uncertainties, including, but not limited to, market conditions and
the price and market for the securities being offered, or further
weakening of economic conditions. The forward-looking statements
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those stated in any forward-looking statements
based on a number of factors. For additional information concerning
these and other risks and uncertainties that could affect these
statements and the Company's business, see Part I, Item 1A of the
Company's Annual Report on Form 10-K for the year ended
December 31, 2009, as well as other
risks and uncertainties detailed from time to time in the Company's
reports on Forms 10-Q and 8-K subsequently filed from time to time
with the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company undertakes no
obligation to republish revised forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
LodgeNet is a registered trademark of LodgeNet Interactive
Corporation. All rights reserved. Other names and brands may be
claimed as the property of others.
SOURCE LodgeNet Interactive Corporation
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