Reader’s Digest Association CEO Robert Guth is asking bondholders to
take a 5% haircut on its senior debt. Nearly $60.7 million has been earmarked for
the tender offer. The company said yesterday that it was giving bondholders
until June 14 to decide whether to accept the take-it-or-leave-it offer on
senior secured notes due in 2017.
The publisher of the iconic Reader’s Digest,
which is published in 78 countries, is using proceeds from its recent sale of
Allrecipes.com for $175 million to pay off the bondholders.
