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ALC COMMUNICATIONS CORPORATION ANNOUNCES SUCCESSFUL COMPLETION OF ITS EXCHANGE OFFER

 ALC COMMUNICATIONS CORPORATION ANNOUNCES SUCCESSFUL COMPLETION
 OF ITS EXCHANGE OFFER
 BINGHAM FARMS, Mich., Aug. 6 /PRNewswire/ -- ALC Communications Corporation (AMEX: ALC) today announced successful completion of its $73.3 million Subordinated Debenture Exchange Offer. The new debentures include an extended redemption schedule which provides for the quarterly redemption of principal beginning on Sept. 30, 1995, and continuing through June 30, 1999.
 Simultaneously, the company has also amended its senior debt agreements. Included is a $5 million principal payment made against the existing Bank Note, with the $15 million balance to be repaid over three years ending June 30, 1995. Quarterly principal and interest payments commence on Sept. 30, 1992. In addition, Senior Notes totalling $8 million have been paid down by $3.4 million with the balance of $4.6 million extended until June 30, 1993.
 ALC Chief Financial Officer Marvin Moses said, "The successful completion of this financing, along with the steady growth in our earnings over the past six quarters, has placed us in position to comfortably service all of our debt requirements from operating cash flow. We can now focus our full attention on growing revenue and profitability as we move forward."
 ALC Communications Corporation common stock is traded on the American Exchange under the symbol ALC. Allnet(R), the wholly owned subsidiary of ALC, provides long-distance products and services to more than 270,000 customers nationwide. The company is headquartered in Bingham Farms and employs 1,500 people nationwide.
 -0- 8/6/92
 /CONTACT: David J. Thomas, vice president and treasurer, ALC Communications, 313-433-4935/
 (ALC) CO: ALC Communications Corporation ST: Michigan IN: TLS SU: OFR


SB -- DE031 -- 7719 08/06/92 16:10 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
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