NEW YORK (February 2, 2009) — McDermott Will & Emery served as counsel to a leading media and marketing services company in amending its senior credit facility to permit the company to use up to $125 million to repurchase its outstanding term loans at prices below par through one or more "modified Dutch" auctions during 2009.
Michigan-based Valassis Communications, Inc. (NYQ: VCI) also agreed under the amendment to voluntarily reduce the availability under the revolving credit portion of its senior secured credit facility from $120 million to $100 million in exchange for the ability to keep $20 million of revolving loans outstanding at the time it commences any modified Dutch auction. The credit agreement amendment, announced earlier this week, is expected to enhance the company's credit and marks an important step in its continuing effort to deleverage its balance sheet.
Amy S. Leder, a partner in McDermott's Corporate Department and based in the Firm's New York office, led the team of Firm lawyers involved in the credit agreement amendment. Ms. Leder, co-head of the Firm's Public Companies Practice Group, was assisted by corporate partners Jonathan P. Rochwarger (New York) and Gary B. Rosenbaum (Los Angeles), as well as corporate associate Morgan Walbridge (New York).
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