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BtoB

Ziff Davis Holdings completes financial restructuring

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New York--Ziff Davis Holdings Inc., the parent company of Ziff Davis Media Inc., announced that the company has officially completed its financial restructuring effort, which reduced its debt by more than $147 million.

The restructuring also reduced the company’s annual cash debt service by more than $30 million for the next four years.

The restructuring was finalized as the company completed its exchange offer to provide newly issued Series E-1 Preferred Stock and new Senior Subordinated Compounding Notes due 2009 (Series B), both registered under the Securities Act of 1933, to holders of its identical but unregistered securities.

Final documentation for the exchange offer, which ended on Nov. 15, has been executed, with 100% of the holders of both the Series E Preferred Stock and the Senior Subordinated Compounding Notes participating in the exchange.

--Sean Callahan

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