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E.M. WARBURG, PINCUS & CO. VENTURE BANKING FUND AFFILIATES EXTEND TENDER OFFERS FOR JOURNAL COMPANY DEBT

 NEW YORK, Nov. 20 ~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 p.m. on Monday, Nov. 30, 1992. Withdrawal rights under the offers expired at 5 p.m. on Thursday, Nov. 12, 1992, and have not been 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 debentures due 2000 $32.2 98.0
 14.825 pct. subordinated
 debentures due 2000 22.3 88.0
 11-7~8 pct. senior
 subordinated debentures due 1999 20.1 86.6
 7-1~2 pct. senior
 secured notes due 1996 22.4 82.1
 12-1~8 pct. subordinated
 debentures due 2000 18.5 76.5
 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 p.m. today, the previously scheduled expiration date of the offers, approximately $2 million principal amount of JCI senior secured and subordinated debt had been tendered and not withdrawn.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- 11~20~92
 ~CONTACT: Mikael Salovaara, 212-841-0400, for E.M. Warburg, Pincus & Co.~


CO: E.M. Warburg, Pincus & Co., Inc. ST: New York IN: FIN SU: OFR

TM-CK -- NY062 -- 0083 11~20~92 18:42 PST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:353
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