Printer Friendly

ALC COMMUNICATIONS FILES WITH THE SEC AN EXCHANGE OFFER FOR ITS SUBORDINATED DEBENTURES

 ALC COMMUNICATIONS FILES WITH THE SEC AN EXCHANGE OFFER
 FOR ITS SUBORDINATED DEBENTURES
 BINGHAM FARMS, Mich., May 13 /PRNewswire/ -- ALC Communications Corporation (AMEX: ALC) today announced that the company along with its wholly owned operating subsidiary, Allnet Communication Services, Inc., filed with the Securities and Exchange Commission a Registration Statement for 11-7/8 percent Senior Subordinated Notes due June 1999 to be issued by Allnet(R) along with warrants for the purchase of 3.4 million shares of the company's common stock.
 After completion of the SEC's registration process, these notes and warrants will be offered in exchange for the company's outstanding 11-7/8 percent Senior Subordinated Debentures which have redemptions from June 1992 through December 1995. The new notes have a quarterly redemption schedule commencing September 1995. The exercise of the warrants would result in stock ownership of approximately 10 percent assuming all other conversions, warrants and options of the company were also exercised.
 The majority of the outstanding debentures are held by the trustees of General Electric Pension Trust, Grumman Hill Investments, L.P. and Grumman Hill Associates, Inc. Both General Electric and the Grumman Hill entities have other lending relationships with the company. The president of Grumman Hill Associates, Inc. is also chairman of the board of ALC.
 Marvin C. Moses, ALC chief financial officer, explained that this exchange offer is part of the company's current refinancing efforts. Moses anticipates that these refinancing efforts will be completed in the near future.
 ALC Communications Corporation common stock is traded on the American Stock Exchange under the symbol ALC. Allnet, the wholly owned operating subsidiary of ALC, provides long-distance products and services to more than 265,000 customers nationwide. The company is headquartered in Bingham Farms and employs approximately 1,500 people nationwide.
 -0- 5/13/92
 /CONTACT: Marvin C. Moses of ALC Communications, 313-433-4256/
 (ALC) CO: ALC Communications Corporation ST: Michigan IN: TLS SU: OFR


ML -- DE001 -- 9497 05/13/92 08:59 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 13, 1992
Words:326
Previous Article:SHARP DROP IN HOUSING INDEX LEFT OVERALL PHILADELPHIA-AREA PRICE LEVEL UNCHANGED
Next Article:GROCERY PRICES UP DUE TO SHARP RISE AT BUTCHER COUNTER; LOWER MOTOR FUEL PRICES CAUSE ENERGY INDEX TO FALL
Topics:


Related Articles
ALC COMMUNICATIONS REPORTS RECORD SECOND-QUARTER RESULTS -- PROFITS UP 189 PERCENT
ALC COMMUNICATIONS REPORTS RECORD SECOND-QUARTER RESULTS -- PROFITS UP 189 PERCENT
ALC COMMUNICATIONS CORPORATION ANNOUNCES SUCCESSFUL COMPLETION OF ITS EXCHANGE OFFER
ALC COMMUNICATIONS FILES AMENDMENT TO PREVIOUS SHELF REGISTRATION
ALLNET COMMUNICATIONS ANNOUNCES PUBLIC OFFERING
ALC COMPLETES SECONDARY STOCK OFFERING
FRONTIER 'A+' SENIOR DEBT ON FITCHALERT NEGATIVE PENDING MERGER -- FITCH FINANCIAL WIRE --
TDS Files Registration Statement For $400 Million of Preferred Securities
TELUS intends to make exchange offer for Clearnet's convertible debentures.
Time Warner Telecom Announces Pricing of Convertible Debentures Offering.

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