Printer Friendly

INFINITY BROADCASTING CORPORATION ENTERS INTO NEW BANK AGREEMENT

 INFINITY BROADCASTING CORPORATION ENTERS INTO NEW BANK AGREEMENT
 NEW YORK, Sept. 23 /PRNewswire/ -- Infinity Broadcasting Corporation (NASDAQ-NMS: INFTA) today announced that it has entered into a new bank credit agreement with a group of 18 banks. The bank agreement provides for aggregate borrowings of up to $320 million including an acquisition facility of $115 million and working capital facility of $30 million. Approximately $197 million of the proceeds from the borrowings were used to refinance existing bank borrowings.
 The Chase Manhattan Bank, N.A., is the agent for the bank group, and Bank of Montreal, The Bank of New York and Chemical Bank are the co- agents. Also participating in the bank group were: The First National Bank of Boston, Compagnie Financiere De CIC Et De l'Union Europeenne, Banque Paribas, National Westminster Bank USA, Union Bank, ABN AMRO Bank N.V., Banque Nationale de Paris, The Bank of Nova Scotia, Continental Bank, N.A., Caisse Nationale de Credit Agricole, National Bank of Canada, The Bank of California, Philadelphia National Bank and Society National Bank.
 Farid Suleman, Infinity's chief financial officer, commented that the new bank agreement extends the maturities of its existing bank borrowings and provides for additional borrowings to significantly expand its portfolio of major market radio stations. Mr. Suleman also noted that the company was very pleased with its expanded bank group who have been very supportive of the company, particularly with its acquisition strategy.
 Infinity Broadcasting owns and operates 18 radio stations: WXRK-FM, WFAN-AM and WZRC-AM, New York; KROQ-FM, Los Angeles; WJMK-FM and WJJD- AM, Chicago; WYSP-FM, Philadelphia; KOME-FM, San Jose/San Francisco; WBCN-FM, Boston; WOMC-FM, Detroit; KVIL-AM/FM, Dallas; WJFK-FM, Washington, D.C.; KXYZ-AM, Houston; WJFK-AM/WLIF-FM, Baltimore, and WQYK-AM/FM, Tampa/St. Petersburg. In addition, the company has entered into an agreement pending FCC approval to acquire radio stations: WUSN- FM, Chicago; WZLX-FM, Boston; and WZGC-FM, Atlanta.
 -0- 9/23/92
 /CONTACT: Farid Suleman, CFO of Infinity Broadcasting, 212-750-6400/
 (INFTA) CO: Infinity Broadcasting Corporation ST: New York IN: ENT SU: FNC


CK-KW -- NY053 -- 2663 09/23/92 12:59 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1992
Words:345
Previous Article:CULBRO REPORTS RESULTS
Next Article:MOBILECOMM INTRODUCES UNIQUE CITYLINK SERVICE
Topics:


Related Articles
INFINITY BROADCASTING REPORTS RECORD 1991 FOURTH QUARTER RESULTS
INFINITY BROADCASTING REPORTS RECORD 1992 FIRST QUARTER OPERATING RESULTS; NET REVENUES UP 5 PERCENT; BROADCAST CASH FLOW UP 9 PERCENT
INFINITY BROADCASTING CORPORATION REPORTS RECORD 1992 THIRD QUARTER OPERATING RESULTS
INFINITY BROADCASTING CORPORATION SECONDARY OFFERING OF CLASS A COMMON STOCK
INFINITY BROADCASTING CORPORATION AMENDS BANK AGREEMENT TO INCREASE ACQUISITION FACILITY
INFINITY BROADCASTING CORPORATION REPORTS RECORD 1995 SECOND QUARTER OPERATING RESULTS
Infinity Financial Technology Announces Successful Implementation of Straight-Through Trading System at Bank of Montreal
Infinity Broadcasting Corporation Reports Record 1999 First Quarter Results.
Infinity Broadcasting Corporation Reports Record 1999 Second Quarter Results.
Infinity Broadcasting Corporation Reports Record Results for the First Quarter 2000.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters