The Reader's Digest Association, Inc. Announces Expiration of Exchange Offer for Floating Rate Senior Secured Notes

Mar 16, 2011, 17:45 ET from Reader's Digest Association, Inc.

NEW YORK, March 16, 2011 /PRNewswire/ -- The Reader's Digest Association, Inc. (the "Company"), the global, multi-brand and multi-platform media and direct marketing company, announced the expiration of its exchange offer for any and all of its outstanding $525,000,000 in aggregate principal amount of Floating Rate Senior Secured Notes due 2017 (CUSIP Nos. 755267AG6 and U75338AC4) (the "Original Notes"), which were issued on February 11, 2010, in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933 (the "Securities Act"), for an equal principal amount of a new issue of Floating Rate Senior Secured Notes due 2017 (CUSIP No. 755267AJ0) (the "New Notes"), which have been registered under the Securities Act pursuant to an effective registration statement on Form S-4 filed with the Securities and Exchange Commission.  The exchange offer expired at 5:00 p.m., New York City time on March 15, 2011.

Wells Fargo Bank, National Association, the exchange agent for the exchange offer has advised that, $522,595,000 aggregate principal amount of the Original Notes were validly tendered and not validly withdrawn prior to the expiration of the exchange offer, which represents 99.54% of the aggregate principal amount of Original Notes outstanding upon commencement of the exchange offer.  The Company has accepted for exchange all of the Original Notes validly tendered and not validly withdrawn and expects to complete the exchange offer promptly.

This news release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any security.  The exchange offer is being made only pursuant to the exchange offer documents, including the prospectus and letter of transmittal that were distributed to the holders of the Original Notes and were filed with the Securities and Exchange Commission.  

About RDA

RDA is a global media and direct marketing company that educates, entertains and connects more than 130 million consumers around the world with products and services from trusted brands. With offices in 44 countries, the company reaches customers in 78 countries, publishes 90 magazines, including 50 editions of Reader's Digest, the world's largest-circulation magazine, operates 83 branded websites and sells nearly 40 million books, music and video products across the world each year.  Further information about the company can be found at www.rda.com.

Investor Relations Contact:

John McKeown 646-293-6155, jmckeown@rd.com



SOURCE Reader's Digest Association, Inc.



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