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LodgeNet Interactive Announces Completion of Offering of $57.5 Million of Convertible Preferred Stock
Date:6/29/2009

SIOUX FALLS, S.D., June 29 /PRNewswire-FirstCall/ -- LodgeNet Interactive Corporation (Nasdaq: LNET) today announced that it has successfully completed its offering of 50,000 shares of 10% Series B Cumulative Perpetual Convertible Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share. In addition, the Company announced that the initial purchaser exercised the option to purchase an additional 7,500 shares of preferred stock to cover over-allotments in full, bringing the total amount of the preferred stock sold to 57,500 shares. The Company will pay cumulative dividends on the preferred stock from June 29, 2009 at a rate of 10% per annum of the $1,000 liquidation preference per share, subject to adjustment in certain circumstances. Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the sole initial purchaser in the offering. LodgeNet expects to use half of the net proceeds of the offering to immediately reduce the outstanding balance on the term loan under its Credit Facility and use the balance of the proceeds for general corporate purposes, including further voluntary reductions of the term loan.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080115/AQTU120LOGO)

"The successful completion of this offering significantly strengthens our balance sheet and better positions us to continue to implement our strategic growth initiatives," said Scott C. Petersen, Chairman and CEO of LodgeNet Interactive Corporation. "The resulting decrease in our leverage and increase in our cash position will greatly assist us in continuing to maintain compliance with our Credit Facility - which has very favorable pricing terms - despite a very challenging and uncertain economic outlook."

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SOURCE LodgeNet Interactive Corporation
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