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JACOR ANNOUNCES COMPLETION OF REFINANCING

 CINCINNATI, March 12 /PRNewswire/ -- Jacor Communications, Inc. (OTC Bulletin Board: JCORA), announced today that it has completed a refinancing of its senior bank debt. With the completion of the refinancing, the company's senior debt has been reduced from $69 million to $45 million under a seven-year reducing revolving credit facility. In addition, the company has a $20 million seven year credit commitment in order to fund future acquisitions. The company's new credit facility is with Banque Paribas, as agent and The First National Bank of Boston and Continental Bank, as co-agents.
 As part of the refinancing, the company raised approximately $20 million of additional equity from the issuance of 3,484,321 shares of non-voting Class B common stock at $5.74 per share through a private placement to Zell/Chilmark Fund L.P. This $20 million together with cash on hand funded the reduction in the company's senior debt. The non-voting stock issued to Zell/Chilmark will become voting stock upon approval of the Federal Communications Commission. Application for such approval is pending.
 It is anticipated that during the second quarter of 1993, all shareholders (other than Zell/Chilmark) will have the right to purchase a pro rata share of the company's stock in a rights offering at the same $5.74 per share to enable them to maintain their same percentage ownership of the company as it existed prior to Zell/Chilmark's most recent investment. Any rights not exercised will be made available to all non-Zell/Chilmark shareholders who exercise their rights in full. If any rights remain unexercised after this oversubscription process, Zell/Chilmark will exercise those rights.
 This rights offering will be made after a registration statement has been filed with the SEC and has become effective.
 Jacor Communications, Inc., headquartered in Cincinnati, Ohio, currently owns 11 radio stations, a cable television system and the Georgia Network. The company also operates 3 additional stations through time brokerage agreements in two of its markets. The company's stations are located in Atlanta, Cincinnati, Denver, Jacksonville, Knoxville and Tampa.
 -0- 3/12/93
 /CONTACT: R. Christopher Weber of Jacor Communications, Inc., 513-621-1300/
 (JCORA)


CO: Jacor Communications, Inc. ST: Ohio IN: ENT SU: FNC

BM -- CL017 -- 5631 03/12/93 16:15 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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