Young Broadcasting Inc. announces $125 million 9% senior subordinated note issue.NEW YORK--(BUSINESS WIRE)--Jan. 9, 1996--Young Broadcasting Inc. (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 : YBTVA) announced today the sale of a $125 million 9% senior subordinated note issue. The notes will rank pari-passu with the company's existing 11-3/4% and 10-1/8% senior subordinated note issues and will be due in 10 years. The announced use of the proceeds will be to repay outstanding bank debt and to fund future acquisitions including the previously announced purchase of KWQC-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 the Quad Cities
The Quad Cities are a group of cities which flank the Mississippi River in Iowa and Illinois in the midwestern United States. . The note issue is being jointly managed by Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. and J.P. Morgan Securities Inc. Vincent Young, chairman of Young Broadcasting, indicated that "this issue enables the company to take advantage of a particularly attractive long term bond interest rate environment and provide us with additional capital to expand through the purchase of additional television stations." Young Broadcasting currently owns nine television stations. Six are affiliated with the ABC Television Network (WKRN-TV - Nashville, TN, WTEN-TV - Albany, NY, WRIC-TV - Richmond, VA, WATE-TV - Knoxville, TN, WTVO-TV - Rockford, IL, and WBAY-TV - Green Bay, WI), and three affiliated with the CBS Television Network CBS Television Network Major U.S. broadcasting company and network. It began in 1928 as the Columbia Broadcasting System, a small radio network directed by William S. Paley. (WLNS-TV - Lansing, MI, KLFY-TV - Lafayette, LA, and WKBT-TV - La Crosse, WI). On Aug. 1, 1995, Young Broadcasting announced the acquisition of KWQC-TV, the NBC affiliate in the Quad Cities (Davenport and Brettendorf, IA, Moline and Rock Island, IL). That acquisition is awaiting Federal Communications Commision approval. Inquiries should be directed to Vincent Young, chairman, or James Morgan, executive vice president, 212/754-7070. CONTACT: Young Broadcasting Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Vincent Young/James Morgan, 212/754-7070 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion