Ion exchange acceptance overwhelming


Filling in the blanks on what we reported yesterday (7/30/07 TVBR #147), acceptance of the exchange offer did indeed top 90% for both issues of Ion Media Networks preferred stock. The company has accepted all shares that were tendered, consisting of 51,602.89387 shares, representing 90.6% of the outstanding shares, of 14 1/4% Preferred Stock and 15,956.64158 shares, representing 95.6% of the outstanding shares, of 9 3/4% Preferred Stock. Ion will issue 458,826,591 bucks in aggregate principal amount of 11% Series A Mandatorily Convertible Senior Subordinated Notes due 2013 and 33,779,768 bucks in aggregate initial stated liquidation preference of 12% Series B Mandatorily Convertible Preferred Stock to holders who tendered Senior Preferred Stock in the Exchange Offer.