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OUTLET BROADCASTING FILES REGISTRATION STATEMENT COVERING $60,000,000 OF SENIOR SUBORDINATED NOTES

 CRANSTON, R.I., May 6 /PRNewswire/ -- Outlet Broadcasting, Inc., a wholly owned subsidiary of Outlet Communications, Inc., (NASDAQ: OCOMA) announced today that it filed a Registration Statement with the Securities and Exchange Commission for a $60,000,000 public offering of Senior Subordinated Notes managed by Salomon Brothers Inc. and Kidder, Peabody & Co. Incorporated.
 Simultaneously with this offering, the company intends to borrow $30 million from a commercial bank. The proceeds of these two transactions, along with available cash, will be applied to repay in full the company's Junior Subordinated Note, held by The Mutual Benefit Life Insurance Company, at its carrying value at the time of repayment (which was approximately $43.6 million at March 31, 1993) plus accrued interest. Outlet will also redeem in full its 13 1/4 percent Senior Subordinated Notes, having a principal amount outstanding of approximately $44.2 million, at 105 percent of par plus accrued interest.
 Outlet Communications, Inc., headquartered in Cranston, R.I., owns and operates two VHF television stations that are both NBC network affiliates: WJAR-TV in Cranston, R.I., and WCMH-TV in Columbus, Ohio.
 -0- 5/6/93
 /CONTACT: James G. Babb, Outlet chairman, president and CEO, 401-455-9250/
 (OCOMA)


CO: Outlet Broadcasting, Inc., Outlet Communications, Inc. ST: Rhode Island IN: SU: FNC

DJ -- NE023 -- 5692 05/06/93 17:18 EDT
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Publication:PR Newswire
Date:May 6, 1993
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