Citadel Broadcasting Company Completes Senior Note Placement.TEMPE, Ariz.--(BUSINESS WIRE)--Nov. 19, 1998--Citadel Communications Corporation (Nasdaq: CITC CITC Communications and Information Technology Commission (Saudi Arabia) CITC Cottage Industry Technology Center CITC Canadian Institute of Travel Counsellors CITC Cook Inlet Tribal Council (Anchorage, Alaska) ) today announced that its principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Citadel Broadcasting
Citadel Broadcasting Corporation NYSE: CDL is a Las Vegas, Nevada based broadcast holding company. Investment house Forstmann Little & Company owns 27% of Citadel. Company, has completed the private placement of $115,000,000 of 9.25% Senior Subordinated Notes due 2008. The notes were sold in a private placement transaction pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. and Regulation S of the Securities Act, as amended. Citadel intends to 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). of the offering to repay indebtedness, finance acquisitions and for general corporate purposes. The notes have not been registered under the Securities Act of 1933 or any state securities laws, and the notes may not be offered or sold in the United States absent registration or an exemption from the registration requirements of such laws. Citadel is a radio broadcasting company that, upon completion of pending transactions, will own or operate 82 FM and 37 AM radio stations concentrated in 22 mid-sized markets. |
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