Printer Friendly

ACKERLEY SUCCESSFULLY COMPLETES SENIOR DEBT RESTRUCTURING

 SEATTLE, Oct. 11 /PRNewswire/ -- Ackerley Communications Inc., (AMEX: AK) announces the completion on Oct. 7, 1993, of a refinancing consisting of approximately $192 million in aggregate principal amount of senior indebtedness through a private placement of $120 million of senior secured notes to qualified institutional investors and a new bank agreement providing for approximately $72 million in revolving term loans.
 The net proceeds of the new indebtedness were used to repay approximately $136 million of existing bank debt and $45 million of senior subordinated debt. The balance will be used for general corporate purposes.
 Ackerley Communications is a multimedia advertising business with interests in outdoor advertising, airport displays, broadcasting and professional sports.
 The company provides display advertisements in more than 120 airport terminals throughout the United States. Its outdoor advertising division services the metropolitan markets of Boston and Worcester, Mass.; Miami, Ft. Lauderdale and West Palm Beach, Fla.; Seattle and Tacoma, Wash.; and Portland, Ore.
 Ackerley's broadcasting properties include television stations KVOS-TV in Bellingham, Wash.; WIXT-TV in Syracuse, N.Y.; KKTV-TV in Colorado Springs, Colo.; KCBA-TV in Salinas and KGET-TV in Bakersfield, Calif. Ackerley also owns radio stations WAXY-FM in Ft. Lauderdale, and KJR-AM and KLTX-FM in Seattle.
 The company also owns the Seattle SuperSonics of the National Basketball Association.
 -0- 10/11/93
 /CONTACT: Susan Mortensen of Ackerley Communications, 206-624-2888/
 (AK)


CO: Ackerley Communications Inc. ST: Washington IN: ADV SU: RCN

RB-AL -- SE007 -- 0715 10/11/93 13:16 EDT
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:Oct 11, 1993
Words:241
Previous Article:EXCEL REALTY TRUST INC. ANNOUNCES ACQUISITION OF SHOPPING CENTER IN ASHLAND, OHIO
Next Article:THE APSC APPROVES ALAGASCO'S ORDER 636 FILINGS
Topics:

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