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E. M. WARBURG, PINCUS & CO. AFFILIATES EXTEND OFFERS

 E. M. WARBURG, PINCUS & CO. AFFILIATES EXTEND OFFERS
 NEW YORK, NOV. 12 /PRNewswire/ -- E.M. Warburg, Pincus & Co., Inc. announced today that two of its venture banking fund affiliates have extended their tender offers for any and all of the senior secured and subordinated debt of Journal Company, Inc. ("JCI") that they do not currently own. As extended, the offers are scheduled to expire at 5:00 P.M. on Friday, Nov. 20, 1992. Withdrawal rights under the offers expired at 5:00 P.M. on Thursday, Nov. 12, 1992 and will not be extended.
 The financial terms of the offers remain the same. Pursuant to the offers, Warburg is offering to purchase JCI senior secured and subordinated bonds at the following prices:
 Face Amount
 not Owned Price
 by Warburg per Bond
 ($ millions) (pct. face value)
 14-5/8 pct. senior subordinated $32.2 98.0 pct.
 debentures due 2000
 14.825 pct. subordinated debentures 22.3 88.0 pct.
 due 2000
 11-7/8 pct. senior subordinated 20.1 86.6 pct.
 debentures due 1999
 7-1/2 pct. senior secured notes 22.4 82.1 pct.
 due 1996
 12-1/8 pct. subordinated debentures 18.5 76.5 pct.
 due 2000
 Warburg will pay accrued interest on securities purchased under the offers from the last scheduled interest payment date. Record holders of the 14-5/8 percent debentures and the 14.825 percent debentures as of Oct. 15, 1992 are entitled to receive the interest payment due on Nov. 1, 1992 directly from JCI; accordingly, Warburg will not make any payments with respect to such interest on the 14-5/8 percent and 14.825 percent debentures tendered pursuant to the offers.
 Warburg said that as of 5:00 p.m. today, the previously scheduled expiration date of the offers, approximately $1 million principal amount of JCI senior secured and subordinated debt had been tendered and not withdrawn.
 The dealer manager for the offers is Greycliff Partners, Ltd. and the depositary is Ameritrust Texas National Association.
 -0- 11/12/92
 /CONTACT: Mikael Salovaara of E.M. Warburg, Pincus & Co., 212-841-0400/ CO: E.M. Warburg, Pincus & Co., Inc. ST: New York IN: FIN SU: OFR


TM -- NY108 -- 0441 11/12/92 17:58 EST
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Publication:PR Newswire
Date:Nov 12, 1992
Words:369
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