- The Washington Times - Thursday, March 19, 2009

NEW YORK (AP) - Billionaire investor Carl Icahn said his offer to buy up $325 million in debt issued by Lions Gate Entertainment Corp. will open Friday.

The bonds could raise Icahn’s stake in the boutique film studio to 30 percent from 14.5 percent if he chose to convert them into shares.

As announced earlier this week, Icahn said he would buy the notes at a premium, paying roughly 75 cents on the dollar.

He is offering $750 for every $1,000 in principal value on notes that carry a 2.9375 percent interest rate and mature in 2024, and $730 for every $1,000 in principal value for notes with a 3.6250 percent interest rate that mature in 2025.

Icahn clashed with the Lions Gate directors last week, agitating for a chance to pick his own board members and refusing to an enter an agreement that would block him from boosting his stake in the company.

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