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BUCKEYE COMMUNICATIONS, INC. ANNOUNCES IT HAS RECEIVED A $4 MILLION WORKING CAPITAL LOAN

 NEW YORK, April 30 /PRNewswire/ -- Buckeye Communications, Inc. announced today that it has received a $4 million working capital loan from a group of investors. The five year term loan was provided by Hilltop Partners, L.P. acting through its New York based investment advisor and general partner, Laifer Inc., and various other institutional investors.
 The loan carries a fixed interest rate of 10 percent, with interest -- only payments due quarterly until April 1998. In accordance with the loan agreement, each investor will receive a pro rata share of a total of 1,400,000 Class A Warrants, each warrant exercisable for one share of common stock at a purchase of $4.00 per share. In addition, the investors as a group will have the right to designate at least one director to sit on Buckeye's board of directors.
 Stanley F. Buchthal, Buckeye's chairman and chief executive officer, said, "The additional working capital allows the company to effectuate many of the components of its business plan, and will be used for working capital purposes including Buckeye's involvement in the development of an Encountarium(TM) tourist attraction in San Antonio, Texas, and to complete a previously contemplated acquisition of a T- Shirt and accessory distribution business and to pay various accrued liabilities."
 Buckeye, started in 1988, is a development stage company which seeks investment and business opportunities in the leisure and entertainment industries including investments in such areas as (i) merchandising, licensing and intellectual assets, (ii) themed tourist attractions, and (iii) entertainment. Buckeye common stock is quoted on the over-the- counter non-NASDAQ Bulletin Board under the symbol BUCK.
 -0- 4/30/93
 /CONTACT: Stanley F. Buchthal of Buckeye Communications Corp., 212-888-9115/
 (BUCK)


CO: Buckeye Communications, Inc. ST: New York IN: ENT SU: FNC

LD -- NY005 -- 3032 04/30/93 08:00 EDT
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Apr 30, 1993
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