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Exhibit 99
FOR IMMEDIATE RELEASE
PRIMEDIA COMPLETES OFFERING OF $175 MILLION OF SENIOR FLOATING RATE NOTES AND CLOSES ON $100 MILLION TERM LOAN
New York, NY (May 14, 2004)—PRIMEDIA Inc. (NYSE: PRM) announced today that it has closed on its $175 million offering of Senior Floating Rate Notes Due 2010 and its $100 million term loan credit facility, which matures December 31, 2009. As previously announced, the Senior Floating Rate Notes bear interest at LIBOR plus 5.375%. The term loan bears interest at LIBOR plus 4.375%. PRIMEDIA will use the proceeds to repay indebtedness and reduce preferred stock outstanding.
PRIMEDIA offered the notes in reliance upon an exemption from registration under the Securities Act of 1933 for an offer and sale of securities that does not involve a public offering. The notes offered will not be, and have not been, registered under the Securities Act of 1933 or any state securities laws.
About PRIMEDIA
PRIMEDIA is the leading targeted media company in the United States. With 2003 revenues of $1.3 billion, our properties comprise more than 200 brands that connect buyers and sellers in more markets than any other media company through our print publications, Web sites, events, newsletters and video programs in four market segments:
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- Enthusiast Media includes more than 120 consumer magazines, their Web sites and About.com, and is the #1 special interest magazine publisher in the U.S. with well-known brands such asMotor Trend,Automobile,Creating Keepsakes,In-Fisherman,Power & Motoryacht,Hot Rod,Snowboarder,Stereophile andSurfer.
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- Consumer Guides is the #1 publisher of free consumer guides in the U.S. withApartment Guide,Auto Guide andNew Homes Guide and the #1 distributor of free consumer publications through its proprietary distribution network in more than 16,000 locations.
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- Business Information is a leading information provider in more than 20 business market sectors with 78 magazines, 108 websites, 23 events, and 53 directories and data products.
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- Education and Training includes Channel One, a proprietary network to secondary schools; Films Media Group, a leading distributor of educational videos; and Workplace Learning, a group of employee training networks.
PRIMEDIA's stock symbol on the NYSE: PRM.
This release contains certain forward-looking statements concerning PRIMEDIA's operations, economic performance and financial condition. These statements are based upon a number of assumptions and estimates, which are inherently subject to uncertainties and contingencies, many of which are beyond the control of the company, and reflect future business decisions, which are subject to change. Some of these assumptions may not materialize, and unanticipated events will occur which can affect the company's results.
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Contact: | ||
Media: | Whit Clay, Sloane & Company, 212-446-1864,wclay@sloanepr.com | |
Investors: | Jim Magrone, PRIMEDIA, 212-745-0634,jmagrone@primedia.com |
PRIMEDIA COMPLETES OFFERING OF $175 MILLION OF SENIOR FLOATING RATE NOTES AND CLOSES ON $100 MILLION TERM LOAN