| FOR IMMEDIATE RELEASE |
| CONTACT |
| Ann Parker, Director |
| Investor Relations |
| 605-988-1000 |
| ann.parker@lodgenet.com |
LODGENET ANNOUNCES EXPIRATION OF
TENDER OFFER FOR ALL OF ITS OUTSTANDING 9˝% SENIOR SUBORDINATED NOTES DUE 2013
SIOUX FALLS, APRIL
23, 2007 – LodgeNet Entertainment Corporation (NASDAQ: LNET) (the “Company”) announced today that
its tender offer relating to its 9˝% Senior Subordinated Notes due 2013 (the
“Notes”) expired at 8:00 a.m., New York City time, on Monday, April 23, 2007.
Substantially all of the remaining outstanding Notes have
been tendered since the expiration of the consent solicitation at 5:00
p.m.,
New York City time, on April 9 2007. Holders of more
than 99% of the outstanding principal amount of the Notes tendered their Notes
and delivered their consents to the proposed amendments to the Indenture
governing the Notes prior to the consent deadline.
On April 10, 2007, the Company entered into a
supplemental indenture relating to the Notes incorporating the proposed
amendments described in the Offer to Purchase and Solicitation of Consents dated
March 26, 2007. The proposed amendments became effective when
the Company accepted the Notes for payment pursuant to the terms of the tender
offer and consent solicitation on April 10, 2007.
Bear, Stearns
& Co. Inc. and Credit Suisse Securities (USA), LLC acted as Dealer Managers
for the tender offer and as Solicitation Agents for the consent solicitation.
About
LodgeNet
LodgeNet Entertainment Corporation is
the leading provider of media and connectivity services designed to meet the
unique needs of hospitality, healthcare and other visitor and guest-based
businesses. LodgeNet serves more than 1.8 million hotel rooms representing
9,300 hotel properties worldwide in addition to healthcare facilities
throughout the United States. LodgeNet's services include on
demand movies, games, television programming, music and information, along with
subscription sports programming and high-speed Internet access. LodgeNet
Entertainment Corporation owns and operates businesses under the industry
leading brands: LodgeNet, On Command and StayOnline. LodgeNet is listed
on NASDAQ and trades under the symbol LNET. For more information, please
visit www.lodgenet.com.
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