NEW YORK, Aug. 24, 2016 /PRNewswire/ -- American Media, Inc. (AMI) today announced that it had successfully completed the refinancing of its capital structure. As a result, AMI reduced its annual cash interest expense by $20 million and extended the maturity on its debt through 2022.
"This provides the company with the liquidity and free cash flow to strategically compete in the new media landscape," said David J. Pecker, Chairman, President and CEO of AMI.
JPMorgan Chase Bank, N.A. and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as advisors to AMI for the transaction.
About American Media, Inc.:
American Media, Inc. (AMI) owns and operates the leading print and digital celebrity and active lifestyle media brands in the United States. AMI's titles include National Enquirer, Star, OK!, Globe, National Examiner, Soap Opera Digest, Men's Fitness, Muscle & Fitness, Flex and Muscle & Fitness Hers. AMI also manages 10 different digital sites including RadarOnline.com, OKmagazine.com, MensFitness.com and MuscleandFitness.com. AMI's magazines have a combined total circulation of 2.3+ million and reach more than 37 million men and women each month. AMI's digital properties reach an average of 50 million unique visitors and over 350 million page views monthly.
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SOURCE American Media, Inc.