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GRANITE BROADCASTING CORPORATION FILES $100 MILLION OF SENIOR DEBENTURES

GRANITE BROADCASTING CORPORATION FILES $100 MILLION OF SENIOR DEBENTURES
 NEW YORK, March 31 /PRNewswire/ -- Granite Broadcasting Corporation (NASDAQ: GBTVK) announced that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of $100 million of senior debentures due 2002. The managers of the offering will be Goldman, Sachs & Co. and Alex. Brown & Sons Incorporated. The purpose of the offering is to refinance all of the company's outstanding indebtedness.
 Granite is a group broadcasting company founded in 1988 to acquire and manage network-affiliated television stations and other media and communications-related properties. Since its formation, the company has acquired four network-affiliated television stations. The company currently owns and operates KNTV(TV), the ABC affiliate serving San Jose, Calif., and the Salinas-Monterey, Calif., television market; WPTA- TV, the ABC affiliate serving Fort Wayne, Ind.; WEEK-TV, the NBC affiliate serving Peoria-Bloomington, Ill.; and KBJR-TV, the NBC affiliate serving Duluth, Minn., and Superior, Wis.
 A copy of the preliminary prospectus can be obtained when available from the offices of Goldman, Sachs & Co., 85 Broad St., New York, NY 10004.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 3/31/92
 /CONTACT: Don Cornwell, chief executive officer of Granite Broadcasting, 212-826-2530/
 (GBTVK) CO: Granite Broadcasting Corporation ST: New York IN: ENT SU: OFR


KD -- NY096 -- 3639 03/31/92 17:55 EST
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Publication:PR Newswire
Date:Mar 31, 1992
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