| 
Tribune Company Announces
the Pricing for its Debt Tender Offers
7.25% Debentures
due 2013 and 6.61% Debentures due 2027
CHICAGO, March
25, 2004 -- Tribune Company today announced
the reference yield for its previously announced tender
offers for any and all of its outstanding $148 million
of 7.25% Debentures due 2013 and $250 million of 6.61%
Debentures due 2027.
CUSIP
No. |
Security |
Maturity Date
|
Reference U.S. Treasury
Security
|
Reference Yield |
Fixed Spread
(basis points)
|
Purchase Price per $1,000
principal amount of Debentures |
|
|
|
|
|
|
|
887364AA5 |
2013 Debentures
|
March 2013
|
4% due 2/15/14
|
3.746% |
30.0 |
$1,237.85 |
887364AF4 |
2027 Debentures |
September 2027 |
5.375% due 2/15/31 |
4.689% |
40.0 |
$1,206.90 |
The prices offered
in each tender offer were determined at 11:00 a.m. New York
City time today. The price for the 2013 Debentures is based
on the yield to maturity of the 4% U.S. Treasury securities
due February 2014 plus a fixed spread of 30 basis points.
The price for the 2027 Debentures is based on the yield to
maturity of the 5.375% U.S. Treasury securities due February
2031 plus a fixed spread of 40 basis points. All payments
for Debentures purchased in the offers will include accrued
and unpaid interest on the principal amount tendered up to,
but not including, the payment date.
The tender offers for the Debentures
will expire at 5:00 p.m. New York City time on Monday,
March 29, 2004, unless extended or earlier terminated (as
that date may be extended or earlier terminated, the "Expiration
Time").
No tenders will be valid if submitted after the Expiration
Time.
The terms and conditions of the tender
offers, including the conditions of Tribune’s obligation
to accept the debentures tendered and pay the purchase
price for them, are set forth in the Offer to Purchase
dated March 18, 2004 and the related Letter of Transmittal.
Each tender offer is made with respect to one series of
the Debentures and is independent of the other tender offer.
Each tender offer, however, is conditioned upon satisfaction
of certain conditions described in the Offer to Purchase.
Tribune has retained J.P. Morgan Securities
Inc., Banc of America Securities LLC, Citigroup, Merrill
Lynch & Co.
and Deutsche Bank Securities as Dealer Managers in connection
with the tender offers. Questions regarding the tender offer
and requests for documents may be directed to J.P. Morgan
Securities Inc. at 866/834-4666 (toll free) or Global Bondholder
Services Corporation, the Information Agent, at 866/857-2200
(toll free).
:: :: ::
This press release does not constitute
an offer to purchase or solicitation of an offer to sell
with respect to the Debentures. That offer or solicitation
will be made only by means of the Offer to Purchase and the
related Letter of Transmittal.
TRIBUNE (NYSE: TRB) is one of the country's
premier media companies, operating businesses in broadcasting
and publishing. It reaches more than 80 percent of U.S.
households and is the only media organization with television
stations, newspapers and websites in the nation's top three
markets. In publishing, Tribune operates 14 leading daily
newspapers including the Los Angeles Times, Chicago Tribune,
Newsday and Spanish-language Hoy, plus a wide range of targeted
publications. The company's broadcasting group operates 26
television stations; Superstation WGN on national cable;
WGN-AM in Chicago; and the Chicago Cubs baseball team. Popular
news and information websites complement Tribune's print
and broadcast properties and extend the company's nationwide
audience. |
