Printer Friendly

ARCH ANNOUNCES COMPLETION OF NEW DEBT FINANCING

 WESTBOROUGH, Mass., Dec. 8 /PRNewswire/ -- Arch Communications Group, Inc. (NASDAQ: APGR) announced it has completed the issuance of $30 million principal amount of 6 3/4 percent convertible subordinated debentures due Dec. 1, 2003. Additionally, the company has granted the underwriters the option to purchase an additional $4.5 million principal amount of debentures to cover over-allotments.
 The debentures are convertible into Arch Communications common stock at a price of $16.75 per share and are redeemable by the company at its option on or after Dec. 1, 1997.
 The net proceeds from the sale of the debentures will initially be used to repay approximately $23.3 million of outstanding indebtedness under the company's bank credit agreement, with the balance for working capital and general corporate purposes. The debentures were sold in a private placement to a limited number of qualified institutional buyers and were underwritten by PaineWebber Incorporated and Cowen and Company.
 At Aug. 31, 1993, Arch was the tenth largest paging company in the United States with over 254,000 subscriber units in service.
 Arch Communications provides wireless messaging services in 13 states serving principally small and medium-sized markets with populations under one million, including suburbs of major metropolitan areas. The company's operations are organized into 5 business units operating as Page New England; Page New York; Page Michigan; Page South in North Carolina, South Carolina, and Georgia; and Interlink Paging in Louisiana and Florida.
 -0- 12/8/93
 /CONTACT: William A. Wilson, vp/finance and CFO, of Arch Communications Group, 508-898-0962/
 (APGR)


CO: Arch Communications Group, Inc. ST: Massachusetts IN: TLS SU: OFR

DJ-JL -- NE008 -- 1789 12/08/93 13:00 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 8, 1993
Words:275
Previous Article:GREEN MOUNTAIN COFFEE, INC. REPORTS FY 1993 RESULTS
Next Article:HOWTEK ANNOUNCES MANAGEMENT CHANGE DAVID BOTHWELL NAMED CEO AND ACTING PRESIDENT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters