Argyle Television Inc. announces initial public equity and debt offerings.SAN ANTONIO--(BUSINESS WIRE)--Oct. 23, 1995--Argyle Television Inc. Monday announced the concurrent initial public offering of 3.53 million shares of its Series A common stock at a price of $17 per share, and $150 million principal amount of its senior subordinated notes due 2005. The notes bear interest at 9 3/4 percent and were priced at par. The announcement was made by Bob Marbut, chairman and chief executive officer of the San Antonio-based television station company. The company has granted the underwriters an option to purchase up to an additional 529,500 shares to cover overallotments, if any. The common stock will trade on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market under the symbol ARGL. The company will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale of Series A common stock along with the proceeds from the sale of notes to repay existing senior indebtedness, to fund the acquisition of WGRZ-TV in Buffalo, N.Y., and to provide liquidity for the company's operating and acquisition strategies. The Series A common stock offering is being underwritten by CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. as the lead managing underwriter Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. and Bear, Stearns & Co. Inc., Donaldson, Lufkin & Jenrette Securities Corp. and Chase Securities Inc. as co-managers. The senior subordinated notes offering is being underwritten by Chase Securities as the lead managing underwriter and CS First Boston and Bear, Stearns & Co. as co-managers. Argyle Television owns and operates WZZM-TV, the ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. affiliate in Grand Rapids, Mich.; WNAC-TV, the Fox affiliate in Providence, R.I.; KITV-TV, the ABC affiliate in Honolulu; and WAPT-TV, the ABC affiliate in Jackson, Miss. In addition, the company provides management services to WGRZ-TV, the NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. affiliate in Buffalo. CONTACT: Argyle Television Inc., San Antonio Bob Marbut, 210/828-1700 |
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