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GRANITE BROADCASTING CORPORATION SELLS $60 MILLION OF TEN YEAR 12.75 PERCENT SENIOR SUBORDINATED DEBT IN A RULE 144A PRIVATE PLACEMENT

 GRANITE BROADCASTING CORPORATION SELLS $60 MILLION OF TEN YEAR 12.75 PERCENT SENIOR SUBORDINATED DEBT IN A RULE 144A PRIVATE PLACEMENT
 NEW YORK, Sept. 11 /PRNewswire/ -- Granite Broadcasting Corporation (NASDAQ: GBTVK) announced that it has sold in a private placement $60 million of 12.75 percent Rule 144A senior subordinated debentures due Sept. 1, 2002. Interest on the debentures is payable on March 1 and Sept. 1 of each year, commencing March 1, 1993. The placement agents for the offering were Goldman, Sachs & Co. and Alex. Brown & Sons Incorporated. The purpose of the offering is to refinance a portion of the company's outstanding long-term indebtedness in order to lower the company's interest expense, provide for a more appropriate amortization schedule, and provide the company with greater financial flexibility to execute its growth plan.
 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.
 -0- 9/11/92
 /CONTACT: Don Cornwell, chief executive officer of Granite Broadcasting Corporation, 212-826-2530/
 (GBTVK) CO: Granite Broadcasting Corporation ST: New York IN: ENT SU:


SM -- NY015 -- 8380 09/11/92 10:18 EDT
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Publication:PR Newswire
Date:Sep 11, 1992
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